Following on from a question yesterday I am looking at an online finance calculator on behalf of a customer
And they are insisting that the APR calculated by this calculator is correct. However it does not give an answer comparable to any other online calculators
For example on a loan of 10000 at 7% interest paid over 36 months this give an APR of 13.6%. Other online calculators give a value half this.
Do any of you math whizzes have any idea why this calculator gives such different values and what formula is uses. I obviously don't understand enough about APR to know why this vastly different value is correct and I don't want to look stupid to my customer :(
Thanks a lot