HOW TO CALCULATE THE APR FOR PAYDAY LOAN, DEFERRED PRESENTMENT & CAR TITLE LOAN TRANSACTIONS

The Annual Percentage Rate (APR) as required by the Truth-In-Lending Act
(TILA) for deferred presentment transactions is calculated by multiplying
the interest rate for the term by the number of terms in a 365-day year, or
symbolically:

(Interest Rate for the term) * (365/term in days)

For example, a 14-day deferred presentment loan at 17.5% interest has an APR of:
17.5% * (365/14) = 456.25%

A 15-day deferred presentment loan at 17.5% interest has an APR of:
17.5% * (365/15) = 425.83%

A 14-day deferred presentment loan at 15% interest has an APR of:
15% * (365/14) = 391.07%

A 15-day deferred presentment loan at 15% interest has an APR of:
15% * (365/15) = 365%