| Loan Amount | £200.00 |
| Start Date | 16/05/2025 |
| Duration | 6 months |
| Finish Date | 16/11/2025 |
| Total Days | 184 days |
| Monthly Rate | 8.29% |
| Total Interest | £99.48 |
| Total Repayment | £299.48 |
| APR | 124.22% |
Step 1: Monthly interest amount
£200.00 × 8.29% = £16.58 per month
Step 2: Duration in months
6 months
Step 3: Total interest
£16.58 × 6 months = £99.48
Step 4: Total repayment
£200.00 + £99.48 = £299.48
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)
£99.48 ÷ £200.00 = 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%