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Annual Percentage Rate (APR)

Annual Percentage Rate (APR)

Annual Percentage Rate (APR)

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000001.gif To perform benchmark calculation of default interest using the same data (principal, interest rates and the interest period) and relative interest rate, see Definition of Relative Interest Rate Calculation.

Interest rate used for default nterest is submitted by the National Bank as annual percentage rate.

Therefore, use the data that can be found in the interest rate table, where you entered annualized interest rate in the Nominal Interest Rate column:

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Nominal interest rate (NIR) is obtained from the table. On the other hand, default interest (ZO) is in our case equivalent to the nominal interest rate since you have not selected the basic interest rate (BIR).

Below you can see calculation of principal with interest (for formulas used in the calculation see Defintion of Interest Calculation:

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