Use this calculator to find the Military Annual Percentage Rate (MAPR) on a open-end loan.
MAPR calculator for Open-End Loans
MAPR calculator for Open-End Loans Definitions
- Current balance
- Current actual balance for this open ended loan. We assume that there is a monthly billing period for this opened end loan.
- Interest or finance charge
- The actual interest or finance charge for the current billing period. We assume that there is a monthly billing period for this opened end loan.
- Credit insurance
- Fee for credit insurance.
- Debt cancellation
- Fee for a debt cancellation contract.
- Debt suspension
- Fee for a debt suspension agreement.
- Credit-related ancillary product sold
- Fee for a credit-related ancillary product sold in connection with the credit transaction.
- Plan participation fee
- Any fee imposed for participation in any plan. The MLA rule excludes an application fee charged by a Federal Credit Union, or an insured depositary institution, when making a short-term, small amount closed-end loan that is subject to and made in accordance with a Federal law. One application fee per rolling 12 month period is not included in the MAPR.
- Other fees
- Any other fees that should be included in the MAPR calculation. These fees can vary by lender, but at a minimum usually includes prepaid interest.
- Military Annual Percentage Rate (MAPR)
- A standard calculation used by lenders for loans covered by the Department of Defense's Military Lending Act & Regulation Z. It is similar to a standard APR calculation but includes additional fees in the calculation and limits any loan to a MAPR of no more than 36%. For example, a loan with a lower stated interest rate may be a bad value if its fees are too high. Likewise, a loan with a higher stated rate with very low fees could be an exceptional value. MAPR calculations incorporate these fees into a single rate.