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The Annual Percentage Rate is the discount rate at which the present value of all Installments and other payments that are due on the Borrower, representing the Total Amount Payable by the Borrower, equals the present value of the payments of the Amount of Finance available to the Borrower, calculated on the date on which the Amount of Finance or the date the first payment is available to the Borrower,. Calculated by the following equation:
m is the last payment of the Amount of Finance to be received by the Borrower. d is the payment to be received by the Borrower from the Amount of Finance. Cd is the payment value of (d) to be received by the Borrower from the Amount of Finance.
Sd the period between the date on which the Amount of Finance or the first payment is available to the Borrower and the date of payment (d), calculated in years and parts of the year, and so that this period of first payment received by the Borrower from the Amount of Finance is zero (s1=0) n is the last payment payable by the Borrower.
p is the payment payable by the Borrower.
Bp is the payment value (p) payable by the Borrower.
Tp the period between the date on which the Amount of Finance or the first payment is available to the Borrower and the date of the payment (p) to be received from the Borrower, calculated in years and parts of the year.
X is the Annual Percentage Rate.
2.
For the purpose of calculating the Annual Percentage Rate, the periods between the date on which the Amount of Finance or the first payment is available to the Borrower and the date of every payment received or payable by the borrower shall be calculated on the basis of (12) months or (365) days a year.
3.
For the purpose of calculating the Annual Percentage Rate, the Total Amount Payable by the Borrower must be specified including fees, commissions and costs that cannot be avoid by the Borrower, with the elimination of costs or fees payable by the Borrower due to his breach to any of his obligations contained in the Finance Agreement.
4.
It is a must to calculate the Annual Percentage Rate, assuming validity of Finance Agreement for the agreed period of time and both parties commitment to their obligations according to the conditions contained in the Finance Agreement.
5.
In accordance with Paragraph 10 of Article 78 of this Regulation, in the case of Finance Agreement containing clauses allowing variations in the Term Cost and fees contained in the Annual Percentage Rate which cannot be calculated, the Annual Percentage Rate must be calculated on the assumption that the Term Cost and other charges remain fixed in relation to the initial Term Cost and remain applicable until the end of the Finance Agreement.
6.
The Annual Percentage Rate must be calculated and expressed in percentage points as a decimal fraction, with the fractional portion rounded to two digits and the basic half point or more rounded to full point.
