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I found out that we have software that calculates the APR for us so a fee that affects the APR would adjust theAPR.
The original post
Take away and add to the original number and that gives you the range of tolerance.
6-0.125 = 5.875
6+0.125 = 6.125
So the range of tolerance is 5.875 - 6.125. You would redisclose if the range falls outside that.[/b]
Told me what I need to know.
Thank you for that quick reply. I need some additional assistance.
We would also have to redisclose to a consumer if a fee pushed us above the .125 (1/8th) tolerance. How would I calculate if a fee increase would push us above the tolerance?
I need help and am embarrassed to ask anyone at my work. I'm trying to figure out how to calculate a tolerance of something in the amount of 1/8th. Here is the example: If a loan is 6% and you have to redisclose to a customer if the tolerance differs an eighth or .125 then how do I calculate if something falls within that tolerance. In the example I'm looking at the rate goes to 6.20 which exceeds the tolerance and so we would have to redisclose. PLEASE HELP!!!
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