BC-1.4.24
The meaning of letters and symbols used in the above formula are:
| K | is the number identifying a particular advance of credit; |
| K' | is the number identifying a particular instalment; |
| Ak | is the amount of advance K; |
| A'k' | is the amount of instalment K; |
| Σ | represents the sum of all the terms indicated; |
| m | is the number of advances of credit; |
| m' | is the total number of instalments; |
| tk | is the interval, expressed in years between the relevant date and the date of advance K; |
| tk' | is the interval expressed in years between the relevant date and the date of instalment K'; |
| i | is the APR, expressed as a decimal. |
January 2014