When the APR is the annual interest rate
11The APR for a credit agreement is the annual interest rate stated in the credit agreement if
(a)
there are no non-interest finance charges payable by the borrower under the credit agreement,
(b)
the same interest rate will apply for the whole term, or would apply for the whole term using the assumption set out in subsection 15(3),
(c)
the term consists of interest compounding periods that are at least as long as the period between required interest payments, and
(d)
the stated annual interest rate is a multiple of the interest rate that applies to each interest compounding period.