Article 6: APR Calculation Method

Effective from Jan 31 2025 - Oct 30 2023
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The APR should be calculated based on the net present value method using the following formula:

Where:

-	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 is 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.