calculates the settlement figure based on Consumer Credit (Early Settlement) Regulations 2004 regulation 4(1):

4.—(1) The amount of the rebate is the difference between the total amount of the repayments of credit that would fall due for payment after the settlement date if early settlement did not take place and the amount given by the following formula:

\[\sum_{i=1}^{m} A_i(1 + r)^{a_i} - \sum_{j=1}^{n} B_j(1 + r)^{b_j}\]

where:

\(A_i\) = the amount of the ith advance of credit, \(B_j\) = the amount of the jth repayment of credit, \(r\) = the periodic rate equivalent of the APR/100, \(m\) = the number of advances of credit made before the settlement date, \(n\) = the number of repayments of credit made before the settlement date, \(a_i\) = the time between the ith advance of credit and the settlement date, expressed in periods, \(b_j\) = the time between the jth repayment of credit and the settlement date, expressed in periods, and \(\sum\) represents the sum of all the terms indicated.

calculates the interest accrued on a balance at a particular interest rate over a number of days, optionally capped by a daily amount

calculates the amount of rebate due following an early settlement

note: the APR is the initial APR as determined at the start of the agreement

calculates the interest chargeable on a range of days

if there is less than one cent remaining, discards any fraction