Hi!

I need help understanding the Formula for APR and Principal. Iam attaching two scenarios, could you please help me understand if the formula and numbers for these specific scenarios are correct? Looking forward to hearing back if this is something you can help with.

BANK NAME PRINCIPAL 5000.00 ANNUAL RATE 6.5 TIME 2 + 6 + 6 Yrs. Mo. Days DAYS IN YEAR 365 INTEREST 812.50 PRINCIPAL BANK NAME Advanced Amount $ 20,000 Payback Amount 24,000 % of Future Card Sales 15% $ 20,000 Projected Monthly Card Sales Daily Payment $100.00 Daily Interest Rate 0.1563% APR 57.06% Repaid in About 240 Days Total Financing Cost $4,000.00 APR