Overall APR for Purchases example for Piraeus Business MasterCard

The overall Annual Percentage Rate (APR) is calculated based on the provisions of Joint Ministerial Decision Z1-699/2010 of the Ministers of Finance, Economy, Competitiveness and Shipping, and Justice, Transparency and Human Rights (Government Gazette 917/23.6.2010, Vol. B) and the following assumptions. The APR comes to 25,36%

NOMINAL INTEREST RATE 16,95% + 0,6% Levy (Law 128/1975) adjusted based on the changes of the Euribor 1M rate. In addition to these changes, the interest rate will also be adjusted by +0.5%, plus €40 annual fee, €1500 purchase on 01/01/2012, issue of 1st account on 31/01/2012, 12 instalments.

1st instalment 20/2/2012 € 186,94, 2nd instalment 20/3/2012 € 145,11, 3rd instalment 20/4/2012 € 143,28, 4th instalment 20/5/2012 € 141,45, 5th instalment 20/6/2012 € 139,62, 6th instalment 20/7/2012 € 137,80, 7th instalment 20/8/2012 € 135,97, 8th instalment 20/9/2012 € 134,14, 9th instalment 20/10/2012 € 132,31, 10th instalment 20/11/2012 € 130,48, 11th instalment 20/12/2012 € 128,66, 12th instalment 20/1/2013 € 126,83. Total € 1.682,59. Note that the APR and the total repayment amount above are given purely as an example. They arise only if the data mentioned above exist.