Hire Purchase (HP) representative example
Based on a cash price of €11,750 with a €4,113 deposit total, borrowing €7,638 at a representative APR of 12.80% and the following:
- 58 monthly payments of:
€167.78
- Final payment:
€242.78
- Cash price:
€11,750.00
- Customer deposit:
€4,112.50
- Total deposit:
€4,112.50
- Amount of credit:
€7,637.50
- Total amount payable:
€14,329.30
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
11.45%
- APR:
12.80%