Answer:
No. The FFIEC’s APR Tool (which replaced APR-Win) is a fantastic tool to check APR accuracy, but it doesn’t work for every loan situation. It isn’t designed for open-end credit. Open-end lines receive periodic billings statements, and the APR is calculated on each one, based on the daily periodic rate and other applicable finance charges. As a result, on account opening disclosures, the interest rate and APR will typically be the same – no calculator needed!