| Loan Amount | £1.00 |
| Start Date | 01/01/1111 |
| Duration | 1 weeks |
| Finish Date | 08/01/1111 |
| Total Days | 7 days |
| Monthly Rate | 0% |
| Total Interest | £0.00 |
| Total Repayment | £1.00 |
| APR | 0.00% |
Step 1: Monthly interest amount
£1.00 × 0% = £0.00 per month
Step 2: Duration in months
1 weeks ÷ 52 × 12 = 0.23 months
Step 3: Total interest
£0.00 × 0.23 months = £0.00
Step 4: Total repayment
£1.00 + £0.00 = £1.00
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)
£0.00 ÷ £1.00 = 0.00000000
Step 2: 1 + C/P
1 + 0.00000000 = 1.00000000
Step 3: t (Duration in years)
0.23 months ÷ 12 = 0.01923077 years
Step 4: 1/t
1 ÷ 0.01923077 = 52.00000000
Step 5: (1 + C/P)1/t
1.0000000052.00000000 = 1.00000000
Step 6: APR
100 × (1.00000000 − 1) = 0.00%