15(1)In calculating the APR for a credit agreement or lease, a year is considered to have 365 days.

15(2)If a credit agreement or lease provides for payments to be made at intervals measured by reference to weeks or months, the APR may be calculated on the assumption that each week is 1/52 of a year long and each month is 1/12 of a year long.

15(3)If the APR for a credit agreement or lease is required to be calculated when the interest rate for any period during the term is unknown, the APR or any other value that depends on the interest rate must be calculated as if the interest rate for that period was to be determined on the basis of the circumstances existing at the time of the calculation.

15(4)If a credit agreement for fixed credit does not provide for scheduled payments by the borrower, the APR must be calculated on the assumption that the principal outstanding will be repaid in a single payment one year after the effective date of the relevant disclosure statement.

15(5)The APR and the total cost of credit for a renewed credit agreement must be calculated on the assumption that the borrower receives, on the renewal date, an advance equal to the outstanding balance at the end of the term of the agreement being renewed.

15(6)A disclosure of an APR for a credit agreement or lease is considered to be accurate if it is within 1/8 of 1% of the APR calculated in accordance with this Regulation.

15(1)In calculating the APR for a credit agreement or lease, a year is considered to have 365 days.

15(2)If a credit agreement or lease provides for payments to be made at intervals measured by reference to weeks or months, the APR may be calculated on the assumption that each week is 1/52 of a year long and each month is 1/12 of a year long.

15(3)If the APR for a credit agreement or lease is required to be calculated when the interest rate for any period during the term is unknown, the APR or any other value that depends on the interest rate must be calculated as if the interest rate for that period was to be determined on the basis of the circumstances existing at the time of the calculation.

15(4)If a credit agreement for fixed credit does not provide for scheduled payments by the borrower, the APR must be calculated on the assumption that the principal outstanding will be repaid in a single payment one year after the effective date of the relevant disclosure statement.

15(5)The APR and the total cost of credit for a renewed credit agreement must be calculated on the assumption that the borrower receives, on the renewal date, an advance equal to the outstanding balance at the end of the term of the agreement being renewed.

15(6)A disclosure of an APR for a credit agreement or lease is considered to be accurate if it is within 1/8 of 1% of the APR calculated in accordance with this Regulation.