| Loan Amount | £1,000.00 |
| Start Date | 09/06/2026 |
| Duration | 1 months |
| Finish Date | 08/07/2026 |
| Total Days | 29 days (1 day reduced) |
| Monthly Rate | 13.75% |
| Total Interest | £132.92 |
| Total Repayment | £1,132.92 |
| APR | 370.78% |
Step 1: Monthly interest amount
£1,000.00 × 13.75% = £137.50 per month
Step 2: Duration in months
1 months
Step 3: Total interest
£137.50 × 0.97 months = £132.92
Step 4: Total repayment
£1,000.00 + £132.92 = £1,132.92
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)
£132.92 ÷ £1,000.00 = 0.13292000
Step 2: 1 + C/P
1 + 0.13292000 = 1.13292000
Step 3: t (Duration in years)
0.97 months ÷ 12 = 0.08055758 years
Step 4: 1/t
1 ÷ 0.08055758 = 12.41348179
Step 5: (1 + C/P)1/t
1.1329200012.41348179 = 4.70761919
Step 6: APR
100 × (4.70761919 − 1) = 370.78%