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Annual percentage rate of charge for consumer credit

Annual percentage rate of charge for consumer credit Official translation GOVERNMENT OF THE REPUBLIC OF LITHUANIA RESOLUTION No. 82 ON THE APPROVAL OF THE PROCEDURE FOR CALCULATING THE ANNUAL PERCENTAGE RATE OF CHARGE FOR CONSUMER CREDIT 25 January 2001 Vilnius In accordance with Article 24 para. 7 of the Law on Consumer Protection (Valstybės Žinios, 1994, No. 94-1833; Valstybės Žinios, 2000, No. 85-2581), the Government of the Republic of Lithuania h a s r e s o l v e d: To approve the General Procedure for Calculating the Annual Percentage Rate of Charge for Consumer Credit (attached hereto). Prime Minister Rolandas Paksas Minister of Finance Jonas Lionginas APPROVED by Resolution No. 82 of 25 January 2001 of the Government of the Republic of Lithuania PROCEDURE FOR cALCULATING THE ANNUAL PERCENTAGE RATE OF CHARGE FOR CONSUMER CREDIT

  1. This procedure shall regulate the calculation of the annual percentage rate of charge for consumer credit (hereinafter referred to as the “annual percentage rate of charge”) granted to the consumer by the creditor to purchase goods and services (hereinafter referred to as the “consumer credit or credit”).
  2. The definitions used herein bear the meanings assigned to them in the Law on Consumer Protection of the Republic of Lithuania (Valstybės Žinios, 1994, No. 94-1833; Valstybės Žinios, 2000, No. 85-2581).
  3. The annual percentage rate of charge shall be expressed as an annual percentage of the amount of the credit granted..
  4. For the purpose of calculating the total cost of credit, all the costs, including interest and other charges related to the granting and use of credit, which the consumer has to pay for the credit shall be added up, with the exception of expenditures indicated in point 5 hereof.
  5. The following charges shall not be included into the total cost of credit: 5.
  6. penalties and charges payable by the borrower for non-compliance with any of his commitments laid down in the credit agreement; 5.
  7. charges other than the purchase price which, in purchases of goods and services, the consumer is obliged to pay, whether the transaction is paid in cash or by credit; 5.
  8. charges for keeping an account intended to receive payments towards the reimbursement of the credit, the payment of interest and other charges (except for charges for the collection of such reimbursements or payments), whether made in cash or otherwise; 5.
  9. membership subscriptions to associations, societies or other groups, arising from agreements separate from the credit agreement even though such subscriptions have an effect on the credit terms; 5.
  10. charges for insurance or guarantees; excluded are, however, those designed to ensure payment to the creditor, in the event of the death, invalidity, illness or unemployment of the consumer, of a sum equal to or less than the total amount of the credit together with relevant interest and other charges which have been imposed by the creditor as a conditions for credit being granted.
  11. The calculation of the annual percentage rate of charge shall be based on the following: 6.
  12. the repayment shall be made on the date due under the credit agreement and the consumer and the creditor shall fulfil all of their obligations under the terms and by the dates agreed therein; 6.
  13. where the credit agreement allows for certain variations in the annual rate of interest or where it is impossible to determine the exact amount of credit and charges at the time of calculating the annual percentage rate of charge, it shall be presumed that the interest and other payable sums have been fixed and will not change until the agreement expires; 6.
  14. where the credit agreement provides for more than one repayment date, it shall be presumed that the repayment will be made at the earliest time specified in the agreement.
  15. For the purpose of calculating the annual percentage rate of charge, the present value of all loans granted to the consumer shall be that equivalent to the present value of all repayments, payments of interest and other charges made by the consumer in accordance with the mathematical formula set out below: , where: K is the number of a loan; K¢ is the number of a repayment or a payment of interest and other charges; AK is the amount of loan number K; A¢K' is the amount of repayment or payment of interest and other charges number K'; m is the number of loans; m¢ is the number of repayments, interest and other charges; tK is the interval expressed in years or fractions of a year (common or decimal) between the date of loan No. 1 and the date of loan K (from 2 to m), where K=1, tK=0; tK¢ is the interval expressed in years or fractions of a year (common or decimal) between the date of loan No.1 and the date of repayment or payment of interest or other charges K¢ (from 1 to m¢); i is the annual percentage rate of charge that can be calculated in accordance with the mathematical formula.
  16. For the purpose of calculating the annual percentage rate of charge in accordance with the mathematical formula set out in point 7 hereof: 8.
  17. the amounts paid by both parties to the credit agreement at different times shall not necessarily be equal and shall not necessarily be paid at equal intervals; 8.
  18. intervals between dates shall be expressed in years or in fractions of a year (common or decimal). A year is presumed to have 365 days or 365.25 days or (for leap years) 366 days, 52 weeks or 12 equal months. An equal month is presumed to have 30.41666 days (examples of calculations based on different intervals are presented in the Annex hereto); 8.
  19. the results of the calculation shall be expressed with an accuracy of at least one decimal place. –––––––––––––––– Annex to the Procedure for Calculating the Annual Percentage Rate of Charge for Consumer Credit EXAMPLES OF CALCULATION OF THE ANNUAL PERCENTAGE RATE OF CHARGE I. CALCULATION OF THE ANNUAL PERCENTAGE RATE OF CHARGE ON A CALENDAR BASIS (1 year = 365 days or (for leap years) 366 days) First example Sum loaned: S = LTL 1000 on 1 January
  20. It is repaid in a single payment of LTL 1200 on 1 July 1995, i. e. 1.5 years or 546 (=365+181) days after the date of the loan. The equation becomes: or: This amount will be rounded to 13 % (or 12.96 % if an accuracy of two decimal places is preferred). Second example The sum loaned is S = LTL 1000, but the creditor retains LTL 50 for administrative expenses, so that the loan is in fact LTL 950; the repayment of LTL 1200, as in the first example, is again made on 1 July
  21. The equation becomes: or: This amount will be rounded to 16.9 %. Third example The sum loaned is LTL S = 1000, on 1 January 1994, repayable in two amounts, each of LTL 600, paid after one and two years respectively. The equation becomes: It is solved by algebra and produces i = 0.1306623 rounded to 13.1 % (or 13.07 % if an accuracy of two decimal places is preferred). Fourth example The sum loaned is S = LTL 1000, on 1 January 1994, and the amounts to be repaid are: after 3 months (0.25 year or 90 days) – LTL 272; after 6 months (0.5 year or 181 days) – LTL 272; after 12 months (1 year or 365 days) – LTL
  22. ––––––––––––––––––––––––– Total LTL 1088 The equation becomes: This equation allows i to be calculated by successive approximations which can be programmed on a pocket calculator. The result is i = 0.13226 rounded to 13.2 % (or 13.23 % if an accuracy of two decimal places is preferred). II. CALCULATION OF THE ANNUAL PERCENTAGE RATE OF CHARGE ON THE BASIS OF A STANDARD YEAR (1 year = 365 days or 365.25 days, 52 weeks or 12 equal months) First example Sum loaned: S = LTL
  23. It is repaid in a single payment of LTL 1200 made in 1.5 years (i.e. 1.5 x 365 = 547.5 days, 1.5 x 365.25 = 547.875 days, 1.5 x 366 = 549 days, 1,5 x 12 = 18 months, 1.5 x 52 = 78 weeks) after the date of the loan. The equation becomes: or This amount will be rounded to 12.9 % (or 12.92 % if an accuracy of two decimal places is preferred). Second example The sum loaned is S = LTL 1000, but the creditor retains LTL 50 for administrative expenses, so that the loan is in fact LTL 950; the repayment of LTL 1200, as in the first example, is again made 1.5 years after the date of the loan. The equation becomes: or This amount will be rounded up to 16.9 % (or 16.85 % if an accuracy of two decimal places is preferred). Third example The sum loaned is LTL 1000, repayable in two amounts, each of LTL 600, paid after one and two years respectively. The equation becomes: It is solved by algebra and produces i = 0.13066 which will be rounded to 13.1 % (or 13.07 % if an accuracy of two decimal places is preferred). Fourth example The sum loaned is S = LTL 1000 and the amounts to be paid by the borrower are: after 3 months (0.25 year or 13 weeks or 91.25 days or 91.3125 days) – LTL 272; after 6 months (0.5 year or 26 weeks or 182.5 days or 182.625 days) – LTL 272; after 12 months (1 year or 52 weeks or 365 days or 365.25 days) – LTL
  24. ––––––––––––––––––––––––– Total LTL 1088 The equation becomes: This equation allows i to be calculated by successive approximations which can be programmed on a pocket calculator. The result is i = 0.13185 which will be rounded to 13.2 % (or 13.19 % if an accuracy of two decimal places is preferred). ––––––––––––––––

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