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bigduckontax, Accountant
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We have written an APR calculator for a small finance client

Customer Question

We have written an APR calculator for a small finance client after looking up the equation at the FCA website. However we need to validate the answers to prove the results are correct . How or where might we find a way to do this?
Submitted: 2 years ago.
Category: Tax
Expert:  Nicola-mod replied 2 years ago.
Hello,

I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!
Nicola
Expert:  Nicola-mod replied 2 years ago.
Hello,

I apologise as we have not yet been able to find a Professional to assist you. Do you wish for me to continue to search for someone to assist you or would you like for us to close your question at this time?

Thank you for your patience,
Nicola
Customer: replied 2 years ago.

I have been out of the country.


 


Yes please continue to keep the questions active. I am also prepared to pay more money for an accurate answer. Up to £100.


 


Regards


XXXXX XXXXXon


RD Research

Expert:  Nicola-mod replied 2 years ago.
Hello Paul,

We will continue to look for a Professional to assist you.

Thank you for your patience,
Nicola
Expert:  bigduckontax replied 2 years ago.
I will try to help, but could you please expand you question a little? As it stands I am finding the gist of it a trifle confusing.
Expert:  bigduckontax replied 2 years ago.
I ma just about to have breakfast, back shortly!
Customer: replied 2 years ago.

Hello


I am out all of today but will reply in detail on Thursday. It may help if I get our developer to phrase the question with me.


Regards


Paul

Expert:  bigduckontax replied 2 years ago.
OK Paul, I will await your expansion with bated breath!
Customer: replied 2 years ago.

Hello


I'm Kevin the software developer.


I have written a software program/app that takes a set of inputs from the user and calculates the APR % for them. The inputs are (1) amount borrowed, (2) date that amount was advanced, (3) monthly interest rate for repayments of interest only, (4) number of months of repayments, (5) date of first repayment, (6) total amount of fees/charges, (7) date those fees were paid and (8) date the original amount borrowed was repaid.


I am using the UK's FCA equation for calculating the APR (www.fca.org.uk) and am confident I'm getting the right answers. But please do you know of a way that I can check/validate the answers.


Thank you,


Kevin


 


 

Expert:  bigduckontax replied 2 years ago.
Your question is in the UK tax area and your request is outside my expertise. I must opt out, sorry. I do hope you find an appropriate expert soon.
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3096
Experience: FCCA FCMA CGMA ACIS
bigduckontax and 2 other Tax Specialists are ready to help you
Expert:  bigduckontax replied 2 years ago.
Thank you for your support.
Expert:  bigduckontax replied 2 years ago.

The following sites have APR calculators you could use to verify your system:

 

thisismoney.co.uk/money

 

efunda.com/formulae/finance/apr_calculator.cfm

 

There are many more available too, just enter apr calculators into any search engine.

Customer: replied 2 years ago.

Hi


Thanks for your reply unfortunately they use the equations provided by the FCA. We have written to the FCA to point out these equations are in fact wrong and this has now been accepted by the FCA here is the UK. What is needed is some independent data we can use to enter into our calculator to prove they are correct.


Regards


Paul

Expert:  bigduckontax replied 2 years ago.
Thank you for that information. I have opted out, however.
Customer: replied 2 years ago.

Here is the reply from Kevin our software developer.


 


I looked at these a week or two ago, from the “expert” who took on our query. They don’t help.


 


The first URL doesn’t have “APR” anywhere on the page but it does have a link called “Calculators” – that takes you to a page that does not contain the word APR anywhere. There is a “loan calculator” that takes APR as an input not an output.


 


The second URL is for USA APR and doesn’t have the same inputs as I have – I explicitly said in the “ticket” that the APR is UK APR.


 


The “expert” has just googled “APR” and hasn’t bothered to read what I put into the ticket.


 


Kevin

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