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47. (1) Subject to regulation 15, the adjusted cost of a credit arrangement which is excluded from section 49(2), other than a credit arrangement falling within regulation 48, 49 or 50, shall be the amount which, at the time the arrangement is varied, the authority estimate will be the aggregate of—
(a)the value of the consideration given by them in respect of the arrangement before or during the financial year in which the arrangement is varied; and
(b)the value of the consideration falling to be given by them in respect of the arrangement, as varied, in any subsequent financial year.
(2) For each subsequent financial year referred to in paragraph (1)(b), the value of the consideration falling to be given in that year shall be the amount determined by the formula in regulation 14(2), but, for this purpose—
“x” is the value of the consideration which the authority estimate will fall to be given by them in that financial year in respect of the arrangement as varied;
“r” is the percentage rate of discount prescribed for the financial year in which the arrangement is varied by regulations made by the Secretary of State for the purposes of section 49; and
“n” is the financial year concerned expressed as a year subsequent to the financial year in which the arrangement is varied (so that the first of the subsequent financial years is 1, the next is 2, and so on).