APR and Calculation Accuracy:
- Complies to Regulation Z - Appendix J specifications
of Federal Truth in Lending Act issued by the Board of Governors of the
Federal Reserve System
- APR accurate to the fourth decimal place for fixed
rate and adjustable interest rate loans with points, fees, prepaid interest
along with extra payments and balloon payments
- User configurable rounding of APR and interest calculations
APR (Annual Percentage Rate) refers to the effective
annual interest rate being charged for a loan when points and/or fees are taken
into account. Points and Fees generally reduce the actual proceeds received by
the borrower, in effect, increasing the effective annual interest rate paid by
the borrower. Exec-Amort™
solves for the APR by the actuary method per Regulation Z of the Truth in Lending Act.
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