contract is concluded and also as part of the credit agreement [...] every creditor has to use this form when marketing a consumer credit in any Member State» so marketing different figures is not allowed. The EU regulations were reinforced with directives 2008/48/EC and 2011/90/EU, fully in force in all member states since 2013. However, in the UK the EU directive has been interpreted as the Representative APR. A single method of calculating the APR was introduced in 1998 (directive 98/7/EC) and is required to be published for the major part of loans. Using the improved notation of directive 2008/48/EC, the basic equation for calculation of APR in the EU is: where: M is the total number of drawdowns paid by the lender N is the total number of repayments paid by the borrower i is the sequence number of a drawdown paid by the lender j is the sequence number of a repayment paid by the borrower Ci is the cash flow amount for drawdown number i Dj is the cash flow amount for repayment number j ti is the interval, expressed in years and fractions of a year, between the date of the first drawdown* and the date of drawdown i sj is the interval, expressed in years and fractions of a year, between the date of the first drawdown* and the date of repayment j. The EU formula uses the natural convention that all time intervals in ti and sj are measured relative to the date of the first drawdown, hence t1 = 0. However, any other date could be used without affecting the calculated APR, as long as it is used consistently: an offset applied to all times simply scales both sides of the equation by the same amount, without affecting the solution for APR. In this equation the left side is the present value of the drawdowns made by the lender and the right side is the present value of the repayments made by the borrower. In both cases the present value is defined given the APR as the interest rate. So the present value of the drawdowns is equal to the present value of the repayments, given the APR as the interest rate. Note that neither the amounts nor the periods between transactions are necessarily equal. For the purposes of this calculation, a year is presumed to have 365 days (366 days for leap