APR

According to Wikipedia: The term annual percentage rate of charge (APR), corresponding sometimes to a nominal APR and sometimes to an effective APR (or EAPR), describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan, mortgage loan, credit card, etc.

https://en.wikipedia.org.

The plugin uses APR by default. Examples of repayment using APR are given below using the following parameters

Principle = $100

Interest = 5% APR

SIMPLE

Term = 1 year

Interest =  $100  x (5 x 1)/(100 x 1)  = $5

Term = 12 months

Interest = $100  x (5 x 12)/(100 x 12)  = $5

Term = 2 years

Interest = $100  x (5 x 2)/(100 x 1)  = $10

Term = 24 months

Interest = $100  x (5 x 24)/(100 x 12)  = $10

Term = 6 months

Interest = $100  x (5 x 6)/(100 x 12)  = $2.5

COMPOUND

Term = 1 year

Total= $100  x (1 + 5/100)^(1 / 1)  = $105

Term = 2 years

Total= $100  x (1 + 5/100)^(2 / 1)  = $110.25

Term = 24 months

Interest = $100  x (1 + 5/100)/(24 / 12)  = $110.25

Term = 6 months

Interest = $100  x (1 + 5/100)/(6 / 12)  = $102.47

Term = 18 months

Interest = $100  x (1 + 5/100)/(18 / 12)  = $107.59

Term = 104 weeks

Interest = $100  x (1 + 5/100)/(104 / 52)  = $110.25

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