How do you calculate APR in PHP?

Answer 1

<?php

$month = 360; //How many month you have for payment

$monthlyPayment = 671.96; //Your monthly payment

$moneyBorrowed = 99000; //How much you borrowed

$totalPaid = $month * $monthlyPayment; //Number of months * Monthly payment

$APRequ = $moneyBorrowed / $totalPaid; //Money Borrowed * Total money paid back

$APRMonthly = abs($APRequ-1); //Returns the absolute value of the monthly APR

$APR = $APRMonthly * 12; // Monthly APR to get Yearly APR

echo $APR;

?>