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|MAPR calculator for Closed-End Loans||Use this calculator to find the Military Annual Percentage Rate (MAPR) on a closed-end loan where you don't know the monthly payment.|
|MAPR calculator for Closed-End Loans with Known Monthly Payment||Use this calculator to determine a Miltary Annual Percentage Rate (MAPR) for a closed-end loan where you know the fixed monthly payment.|
|MAPR calculator for Open-End Loans||Use this calculator to find the Military Annual Percentage Rate (MAPR) on a open-end loan such as a credit card or revolving credit.|
|MAPR Calculator with Printable Disclosure||Use this calculator to determine a MAPR and to print a sample disclosure document.|
Federal law provides important protections to members of the Armed Forces and their dependents relating to extensions of consumer credit. In general, the cost of consumer credit to a member of the Armed Forces and his or her dependent may not exceed an annual percent-age rate of 36 percent. This rate must include, as applicable to the credit transaction or account: The costs associated with credit insurance premiums; fees for ancillary products sold in connection with the credit transaction; any application fee charged (other than certain application fees for specified credit transactions or accounts); and any participation fee charged (other than certain participation fees for a credit card account). These fees can include:
The Rule takes effect on October 1, 2015. Compliance will be required by October 3, 2016. There is a two-year exemption for credit card accounts until October 3, 2017.