Tim wrote:

So ... is the APR: +6940%, +4.6 quadrillion %, -91.3%, or
+/-12.9 trillion % or +/-3.7 quintillion % ??

I mean, what would need to be quoted by law for a loan of this type?

"Ronald Raygun" wrote
Well, since the lender would be unlikely to let the borrower close
the account except at the originally agreed time, the last two are
out (they are in any case AERs, not APRs). I don't think the law
says (or indeed knows) anything about non-unique solutions to
the equations they say the APR must satisfy. Accordingly, I'd
assume they'd let the lender pick any one of the first three. ...

Really? I had hoped that the legislation might be a bit more
specific, so that the "rate to be disclosed" couldn't be ambiguous.

Quite so. A little more digging made me come across the OFT leaflet
http://www.oft.gov.uk/shared_oft/business_leaflets/consumer_credit/oft144.pdf
which gives the statutory formula for calculating APR.

Having given the actual formula, it then states the following:

"
Although it is uncommon, complex mathematical equations such as the APR
calculation can sometimes have more than one correct answer (there could be
more than one value of i at which the two sides of the statutory equation
are equal). The Regulations set down the rules for dealing with this:

if there is more than one positive result, or positive and negative results,
the APR is the positive rate nearest to zero;

if there is no positive result, the APR is the negative rate nearest to
zero.
"

Good, eh? Sometimes they really do think of everything. I was surprised.

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