Hi, I guess the only bad questions are the ones that aren’t asked. So, here’s what I found in my credit agreement:
• Interest rate Daily interest rate (variable) 0.0705%
• Annual simple interest rate (variable) 25.72%
• Annual Percentage Rate (APR) (variable) 29.0%
The annual simple interest rate is based on a 365 day year. The 29.0% indicated generally is APR which includes compounding effects and other fees.
While the simple interest rate is 25.72% which of £0.75 works out to more or less £0.1929.