| Loan Amount | £350.00 |
| Start Date | 17/10/2026 |
| Duration | 6 months |
| Finish Date | 17/04/2027 |
| Total Days | 182 days |
| Monthly Rate | 10.33% |
| Total Interest | £216.93 |
| Total Repayment | £566.93 |
| APR | 162.38% |
Step 1: Monthly interest amount
£350.00 × 10.33% = £36.16 per month
Step 2: Duration in months
6 months
Step 3: Total interest
£36.16 × 6 months = £216.93
Step 4: Total repayment
£350.00 + £216.93 = £566.93
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)
£216.93 ÷ £350.00 = 0.61980000
Step 2: 1 + C/P
1 + 0.61980000 = 1.61980000
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
1.619800002.00000000 = 2.62375204
Step 6: APR
100 × (2.62375204 − 1) = 162.38%