APR
APR Calculator
The annual percentage rate of a loan once its upfront fees are counted, solved from the payments.
Result…
How it's calculated
Payment = L × i ÷ (1 − (1 + i)^−n) on the full loan Solve (L − fees) = Payment × (1 − (1 + j)^−n) ÷ j for j APR = 12 × j
Fees paid upfront mean you receive less than you borrow while paying the same instalments, so the true cost is higher than the interest rate. The APR is the rate that makes the money you receive equal the payments you make. It is for comparing offers, not for working out a payment.
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