Posted by ReneeK/MI on March 26, 2009, 12:56 pm, in reply to "Oh no...."
68.43.29.109
Ok, back to the basics ...
You said the APR doesn't depend on the term - I said yes, it does. I then showed the APR for a 100,000 loan @ 5% interest and $5,000 in fees calculated for a few different terms - showing how the APR changes.
You asked for the calculator I used - I used several (cross-checked), Google & sample, I didn't find any that were WRONG, and yes, I included fees - $5,000 in fees.
I didn't see an APR calculator on the wiki/APR page - BUT ...I don't see anything in Wikipedia's definition that conflicts with anything I've said (so far!)
OH and btw, Wiki backs me up - APR is for apples-to-apples, NOT apples-to-oranges (although probably just as useful, either way).
GRRRR - spent all my extra time looking for my own TIL/APR spreadsheet from 'the old days' and of course, I can't find it. I probably enjoyed deleting it, long ago.
I'll make ya a deal - you concede on that funky 7 year thing, and I'll never again speak the word "annualized" (never did before, always said "expressed as an annual number", which is a quote from the TILA). 
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