How do you convert interest rates quoted in PAF (Per Annum Flat) into APR?

Question

I am looking at an advert that says 2.99% PAF, what would that be as an APR ?

Answer 1

It depends on how long the loan is for, whether there are any other costs to be included in the APR, and whether the principle is paid back equally over the term.

EDIT: From email with Sir Baz I have established that the term is 3 years, that there are no other charges, and that the payments are equal, so the APR in this case is 5.81%

Answer 2

too much thinking involved!