3Article 1 of Council Directive 87/102/EEC of 22 December 1986 for the approximation of the laws, regulations and administrative provisions of the Member States concerning consumer credit (OJ 1987 L 42, p. 48), as amended by Directive 98/7/EC of the European Parliament and of the Council of 16 February 1998 (OJ 1998 L 101, p. 17, ‘Directive 87/102’) reads as follows:1. This Directive applies to credit agreements.2.For the purpose of this Directive:…(d) “total cost of the credit to the consumer” means all the costs, including interest and other charges, which the consumer has to pay for the credit;(e) “annual percentage rate of charge” means the total cost of the credit to the consumer, expressed as an annual percentage of the amount of the credit granted and calculated in accordance with Article 1a.’
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