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The Consumer Credit (Total Charge for Credit) Regulations 1980
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- UK Statutory Instruments
- 1980 No. 51
- PART III
- Regulation 8
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Calculation where fixed-sum credit is provided and repayable in single lump sum
8. In the case of an agreement for fixed-sum credit provided in a single lump sum repayable at the end of a specified period in a single lump sum being repayment of the credit and of the total charge for credit, the annual percentage rate of charge is given by the following formula—
No math image to display
C is the total charge for credit;
P is the amount of the credit; and
t is the period beginning with the relevant date and ending with the date of repayment expressed in years.
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