Hello

I'm doing some work on calculating APR and i am reading this document

http://www.creditunion.ie/files/file_20050316024652OFT%20-%20Credit%20Charges%20and%20APR.pdf
Could i ask what this means on the bottom on page 45

"As this equation shows, at the correct annual rate, the present value of the

repayment is equal to the amount advanced. This is generally referred to as

the ‘present value rule’"

To me this is saying that PV = A at the 'correct annual rate'

What does it mean 'correct annual rate'?

To me PV = A when (1+i)^t is equal to 1

Is this what it is saying? I do not understand what it means by correct annual rate