Hire Purchase (HP) representative example
Based on a cash price of €10,950 with a €3,833 deposit total, borrowing €7,118 at a representative APR of 12.90% and the following:
- 58 monthly payments of:
€156.35
- Final payment:
€231.35
- Cash price:
€10,950.00
- Customer deposit:
€3,832.50
- Total deposit:
€3,832.50
- Amount of credit:
€7,117.50
- Total amount payable:
€13,363.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
11.45%
- APR:
12.90%