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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.
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.
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.
The following sites have APR calculators you could use to verify your system:
There are many more available too, just enter apr calculators into any search engine.
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.
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.