What does the APR calculator do?

The APR calculator can be used to determine if advertised APRs are correct and within tolerance. The calculations follow the guidelines in the OFT manual on APR calculations. This manual also provides guidance on the assumptions and approximations which can be made when entering data. Total amount payable and total charge for credit are also calculated.

In addition to the calculation of APR, a sample PDF report is created which can be downloaded (click here to download a sample report). No liability can be accepted for errors in the results. Spreadsheet software must always be used to check calculated values.

The data you enter cannot be viewed by any other site users and so is confidential

Access the APR calculator from the members area.

How are the calculations made?

The mathematics of the calculations follow the guidelines in the OFT manual and the bisection method has been used to iteratively narrow down the APRs calculated until the left hand side and the right hand side of the series equations are within tolerance.

Whilst every effort has been made to ensure accuracy, programmatical errors are possible, but unlikely. In addition, the result is only as good as the data entered. All figures should be checked using spreadsheet software and no liability can be accepted for any losses as a result of inaccurate calculation and/or data entry.