Answer:
by Randy Carey:
Are you not adjusting your finance charges for the difference in odd-days? Are you setting your unit periods correctly? You have not provided enough information.
The APR formula is in Appendix J.
Answer:
by Richard Insley:
The math for APR calculations is not simple but is fully presented here: https://www.bankersonline.com/regulations/12-1026-appj
These are "time value of money" equations. As Randy explains, before calculating the APR, you must determine the payment schedule--accounting for all the dollars that make up each payment. If the interest (and any other part of the Finance Charge) increases when you lengthen the first payment period from 14 to 21 days and decreases when it is shortened to 7 days, these differences must be reflected in the payment schedules for the 3 loans being reviewed. Also, the longer or shorter time period must be reflected in the payment schedule. Based on my best reading of the OP, the "unit period" is 2 weeks (14 days) in all three loans.
Additional thought: Complex issues like this should be handled as a discussion in an open forum--not as a question which can elicit only a one-shot answer. Given additional information, we could arrive at a solution.
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