| Loan Amount | £1,500.00 |
| Start Date | 17/03/2026 |
| Duration | 6 months |
| Finish Date | 17/09/2026 |
| Total Days | 184 days |
| Monthly Rate | 8.29% |
| Total Interest | £746.10 |
| Total Repayment | £2,246.10 |
| APR | 124.22% |
Step 1: Monthly interest amount
£1,500.00 × 8.29% = £124.35 per month
Step 2: Duration in months
6 months
Step 3: Total interest
£124.35 × 6 months = £746.10
Step 4: Total repayment
£1,500.00 + £746.10 = £2,246.10
APR = 100 × { (1 + C/P)1/t − 1 }
C = Total Interest • P = Loan Amount • t = Duration in Years
Step 1: C / P (Total Interest ÷ Loan Amount)
£746.10 ÷ £1,500.00 = 0.49740000
Step 2: 1 + C/P
1 + 0.49740000 = 1.49740000
Step 3: t (Duration in years)
6 months ÷ 12 = 0.50000000 years
Step 4: 1/t
1 ÷ 0.50000000 = 2.00000000
Step 5: (1 + C/P)1/t
1.497400002.00000000 = 2.24220676
Step 6: APR
100 × (2.24220676 − 1) = 124.22%