| Loan Amount | £26,400.00 |
| Start Date | 10/06/2024 |
| Duration | 27 months |
| Finish Date | 10/09/2026 |
| Total Days | 822 days |
| Monthly Rate | 1.5% |
| Total Interest | £10,692.00 |
| Total Repayment | £37,092.00 |
| APR | 16.31% |
Step 1: Monthly interest amount
£26,400.00 × 1.5% = £396.00 per month
Step 2: Duration in months
27 months
Step 3: Total interest
£396.00 × 27 months = £10,692.00
Step 4: Total repayment
£26,400.00 + £10,692.00 = £37,092.00
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)
£10,692.00 ÷ £26,400.00 = 0.40500000
Step 2: 1 + C/P
1 + 0.40500000 = 1.40500000
Step 3: t (Duration in years)
27 months ÷ 12 = 2.25000000 years
Step 4: 1/t
1 ÷ 2.25000000 = 0.44444444
Step 5: (1 + C/P)1/t
1.405000000.44444444 = 1.16314517
Step 6: APR
100 × (1.16314517 − 1) = 16.31%