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Calculation Result |
  
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Calculation Result |
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Calculation Result
SUMMARY
Calculated repayment plan. If the proposed repayment schedule is followed then:
| • | The repayment period concludes by 25/12/2007. |
| • | Total interest will be eight thousand four hundred and sixty-seven dollars and fifteen cents ($8,467.15). |
| • | The total amount owing as at 25/12/2007 will be ten thousand dollars and eight cents ($10,000.08) comprised of principal of ten thousand dollars and eight cents ($10,000.08) and accumulated interest of zero dollars and zero cents ($0.00). |
TRANSACTION HISTORY BEFORE INTEREST IS TAKEN INTO ACCOUNT
DATE DESCRIPTION AMOUNT BALANCE
20/05/2004 Invoice No. 248 $4,473.15 $4,473.15
02/06/2004 Invoice No. 249 $7,628.00 $12,101.15
13/07/2004 Invoice No. 250 $5,550.06 $17,651.21
17/08/2004 Invoice No. 251 $923.41 $18,574.62
27/09/2004 Cheque No. 345309 $4,393.51CR $14,181.11
18/03/2005 Cheque No. 345310 $2,311.52CR $11,869.59
27/06/2005 Invoice No. 252 $9,820.26 $21,689.85
08/11/2006 Invoice No. 253 $6,905.26 $28,595.11
REPAYMENT SCHEDULE
No. Date Amount
1 Wed 14 Mar 2007 $1,050.58
2 Wed 28 Mar 2007 $1,050.58
3 Wed 11 Apr 2007 $1,050.58
4 Wed 25 Apr 2007 $1,050.58
5 Wed 9 May 2007 $1,050.58
6 Wed 23 May 2007 $1,050.58
7 Wed 6 Jun 2007 $1,050.58
8 Wed 20 Jun 2007 $1,050.58
9 Wed 4 Jul 2007 $1,050.58
10 Wed 18 Jul 2007 $1,050.58
11 Wed 1 Aug 2007 $1,050.58
12 Wed 15 Aug 2007 $1,050.58
13 Wed 29 Aug 2007 $1,050.58
14 Wed 12 Sep 2007 $1,050.58
15 Wed 26 Sep 2007 $1,050.58
16 Sun 30 Sep 2007 $5,000.00
17 Wed 10 Oct 2007 $1,050.58
18 Wed 24 Oct 2007 $1,050.58
19 Wed 7 Nov 2007 $1,050.58
20 Wed 21 Nov 2007 $1,050.58
21 Wed 5 Dec 2007 $1,050.58
22 Wed 19 Dec 2007 $1,050.58
Total $27,062.18
INTEREST CALCULATION TABLE
The following shows how the proposed repayments interact
with calculated interest.
DATE DESCRIPTION DAYS AMOUNT BALANCE PRINCIPAL INTEREST
20/05/2004 Interest rate started at 10% on debit balances $4,473.15DR $4,473.15DR $0.00DR
(0.0273224% per day).
01/06/2004 Interest (20/05/2004 to 01/06/2004 inclusive) 13 $15.89DR $4,489.04DR $4,473.15DR $15.89DR
$4,473.15 × 0.0273224% × 13 days = $15.89.
02/06/2004 Invoice No. 249. Entire amount added to $7,628.00DR $12,117.04DR $12,101.15DR $15.89DR
principal.
12/07/2004 Interest (02/06/2004 to 12/07/2004 inclusive) 41 $135.56DR $12,252.60DR $12,101.15DR $151.45DR
$12,101.15 × 0.0273224% × 41 days = $135.56.
13/07/2004 Invoice No. 250. Entire amount added to $5,550.06DR $17,802.66DR $17,651.21DR $151.45DR
principal.
16/08/2004 Interest (13/07/2004 to 16/08/2004 inclusive) 35 $168.80DR $17,971.46DR $17,651.21DR $320.25DR
$17,651.21 × 0.0273224% × 35 days = $168.80.
17/08/2004 Invoice No. 251. Entire amount added to $923.41DR $18,894.87DR $18,574.62DR $320.25DR
principal.
26/09/2004 Interest (17/08/2004 to 26/09/2004 inclusive) 41 $208.08DR $19,102.95DR $18,574.62DR $528.33DR
$18,574.62 × 0.0273224% × 41 days = $208.08.
27/09/2004 Cheque No. 345309. Payment was applied partly to $4,393.51CR $14,709.44DR $14,709.44DR $0.00DR
interest ($528.33) and partly to principal
($3,865.18).
31/12/2004 Interest (27/09/2004 to 31/12/2004 inclusive) 96 $385.82DR $15,095.26DR $14,709.44DR $385.82DR
$14,709.44 × 0.0273224% × 96 days = $385.82.
01/01/2005 Days per year changed to 365. Daily interest $15,095.26DR $14,709.44DR $385.82DR
rate now 0.02739726% on debit balances.
17/03/2005 Interest (01/01/2005 to 17/03/2005 inclusive) 76 $306.28DR $15,401.54DR $14,709.44DR $692.10DR
$14,709.44 × 0.02739726% × 76 days = $306.28.
18/03/2005 Cheque No. 345310. Payment was applied partly to $2,311.52CR $13,090.02DR $13,090.02DR $0.00DR
interest ($692.10) and partly to principal
($1,619.42).
26/06/2005 Interest (18/03/2005 to 26/06/2005 inclusive) 101 $362.22DR $13,452.24DR $13,090.02DR $362.22DR
$13,090.02 × 0.02739726% × 101 days = $362.22.
27/06/2005 Invoice No. 252. Entire amount added to $9,820.26DR $23,272.50DR $22,910.28DR $362.22DR
principal.
08/11/2006 Invoice No. 253. Entire amount added to $6,905.26DR $30,177.76DR $29,815.54DR $362.22DR
principal.
13/03/2007 Interest (27/06/2005 to 13/03/2007 inclusive) 625 $5,105.40DR $35,283.16DR $29,815.54DR $5,467.62DR
$29,815.54 × 0.02739726% × 625 days = $5,105.40.
14/03/2007 Proposed repayment #1 ($1,050.58): The payment $1,050.58CR $34,232.58DR $29,815.54DR $4,417.04DR
will be applied entirely to interest ($1,050.58).
27/03/2007 Interest (14/03/2007 to 27/03/2007 inclusive) 14 $114.36DR $34,346.94DR $29,815.54DR $4,531.40DR
$29,815.54 × 0.02739726% × 14 days = $114.36.
28/03/2007 Proposed repayment #2 ($1,050.58): The payment $1,050.58CR $33,296.36DR $29,815.54DR $3,480.82DR
will be applied entirely to interest ($1,050.58).
10/04/2007 Interest (28/03/2007 to 10/04/2007 inclusive) 14 $114.36DR $33,410.72DR $29,815.54DR $3,595.18DR
$29,815.54 × 0.02739726% × 14 days = $114.36.
11/04/2007 Proposed repayment #3 ($1,050.58): The payment $1,050.58CR $32,360.14DR $29,815.54DR $2,544.60DR
will be applied entirely to interest ($1,050.58).
24/04/2007 Interest (11/04/2007 to 24/04/2007 inclusive) 14 $114.36DR $32,474.50DR $29,815.54DR $2,658.96DR
$29,815.54 × 0.02739726% × 14 days = $114.36.
25/04/2007 Proposed repayment #4 ($1,050.58): The payment $1,050.58CR $31,423.92DR $29,815.54DR $1,608.38DR
will be applied entirely to interest ($1,050.58).
08/05/2007 Interest (25/04/2007 to 08/05/2007 inclusive) 14 $114.36DR $31,538.28DR $29,815.54DR $1,722.74DR
$29,815.54 × 0.02739726% × 14 days = $114.36.
09/05/2007 Proposed repayment #5 ($1,050.58): The payment $1,050.58CR $30,487.70DR $29,815.54DR $672.16DR
will be applied entirely to interest ($1,050.58).
22/05/2007 Interest (09/05/2007 to 22/05/2007 inclusive) 14 $114.36DR $30,602.06DR $29,815.54DR $786.52DR
$29,815.54 × 0.02739726% × 14 days = $114.36.
23/05/2007 Proposed repayment #6. The payment will be $1,050.58CR $29,551.48DR $29,551.48DR $0.00DR
applied partly to principal ($264.06), and
partly to interest ($786.52).
05/06/2007 Interest (23/05/2007 to 05/06/2007 inclusive) 14 $113.35DR $29,664.83DR $29,551.48DR $113.35DR
$29,551.48 × 0.02739726% × 14 days = $113.35.
06/06/2007 Proposed repayment #7. The payment will be $1,050.58CR $28,614.25DR $28,614.25DR $0.00DR
applied partly to principal ($937.23), and
partly to interest ($113.35).
19/06/2007 Interest (06/06/2007 to 19/06/2007 inclusive) 14 $109.75DR $28,724.00DR $28,614.25DR $109.75DR
$28,614.25 × 0.02739726% × 14 days = $109.75.
20/06/2007 Proposed repayment #8. The payment will be $1,050.58CR $27,673.42DR $27,673.42DR $0.00DR
applied partly to principal ($940.83), and
partly to interest ($109.75).
03/07/2007 Interest (20/06/2007 to 03/07/2007 inclusive) 14 $106.14DR $27,779.56DR $27,673.42DR $106.14DR
$27,673.42 × 0.02739726% × 14 days = $106.14.
04/07/2007 Proposed repayment #9. The payment will be $1,050.58CR $26,728.98DR $26,728.98DR $0.00DR
applied partly to principal ($944.44), and
partly to interest ($106.14).
17/07/2007 Interest (04/07/2007 to 17/07/2007 inclusive) 14 $102.52DR $26,831.50DR $26,728.98DR $102.52DR
$26,728.98 × 0.02739726% × 14 days = $102.52.
18/07/2007 Proposed repayment #10. The payment will be $1,050.58CR $25,780.92DR $25,780.92DR $0.00DR
applied partly to principal ($948.06), and
partly to interest ($102.52).
31/07/2007 Interest (18/07/2007 to 31/07/2007 inclusive) 14 $98.89DR $25,879.81DR $25,780.92DR $98.89DR
$25,780.92 × 0.02739726% × 14 days = $98.89.
01/08/2007 Proposed repayment #11. The payment will be $1,050.58CR $24,829.23DR $24,829.23DR $0.00DR
applied partly to principal ($951.69), and
partly to interest ($98.89).
14/08/2007 Interest (01/08/2007 to 14/08/2007 inclusive) 14 $95.24DR $24,924.47DR $24,829.23DR $95.24DR
$24,829.23 × 0.02739726% × 14 days = $95.24.
15/08/2007 Proposed repayment #12. The payment will be $1,050.58CR $23,873.89DR $23,873.89DR $0.00DR
applied partly to principal ($955.34), and
partly to interest ($95.24).
28/08/2007 Interest (15/08/2007 to 28/08/2007 inclusive) 14 $91.57DR $23,965.46DR $23,873.89DR $91.57DR
$23,873.89 × 0.02739726% × 14 days = $91.57.
29/08/2007 Proposed repayment #13. The payment will be $1,050.58CR $22,914.88DR $22,914.88DR $0.00DR
applied partly to principal ($959.01), and
partly to interest ($91.57).
11/09/2007 Interest (29/08/2007 to 11/09/2007 inclusive) 14 $87.89DR $23,002.77DR $22,914.88DR $87.89DR
$22,914.88 × 0.02739726% × 14 days = $87.89.
12/09/2007 Proposed repayment #14. The payment will be $1,050.58CR $21,952.19DR $21,952.19DR $0.00DR
applied partly to principal ($962.69), and
partly to interest ($87.89).
25/09/2007 Interest (12/09/2007 to 25/09/2007 inclusive) 14 $84.20DR $22,036.39DR $21,952.19DR $84.20DR
$21,952.19 × 0.02739726% × 14 days = $84.20.
26/09/2007 Proposed repayment #15. The payment will be $1,050.58CR $20,985.81DR $20,985.81DR $0.00DR
applied partly to principal ($966.38), and
partly to interest ($84.20).
30/09/2007 Interest (26/09/2007 to 30/09/2007 inclusive) 5 $28.75DR $21,014.56DR $20,985.81DR $28.75DR
$20,985.81 × 0.02739726% × 5 days = $28.75.
30/09/2007 Proposed repayment #16. The payment will be $5,000.00CR $16,014.56DR $16,014.56DR $0.00DR
applied partly to principal ($4,971.25), and
partly to interest ($28.75).
09/10/2007 Interest (01/10/2007 to 09/10/2007 inclusive) 9 $39.49DR $16,054.05DR $16,014.56DR $39.49DR
$16,014.56 × 0.02739726% × 9 days = $39.49.
10/10/2007 Proposed repayment #17. The payment will be $1,050.58CR $15,003.47DR $15,003.47DR $0.00DR
applied partly to principal ($1,011.09), and
partly to interest ($39.49).
23/10/2007 Interest (10/10/2007 to 23/10/2007 inclusive) 14 $57.55DR $15,061.02DR $15,003.47DR $57.55DR
$15,003.47 × 0.02739726% × 14 days = $57.55.
24/10/2007 Proposed repayment #18. The payment will be $1,050.58CR $14,010.44DR $14,010.44DR $0.00DR
applied partly to principal ($993.03), and
partly to interest ($57.55).
06/11/2007 Interest (24/10/2007 to 06/11/2007 inclusive) 14 $53.74DR $14,064.18DR $14,010.44DR $53.74DR
$14,010.44 × 0.02739726% × 14 days = $53.74.
07/11/2007 Proposed repayment #19. The payment will be $1,050.58CR $13,013.60DR $13,013.60DR $0.00DR
applied partly to principal ($996.84), and
partly to interest ($53.74).
20/11/2007 Interest (07/11/2007 to 20/11/2007 inclusive) 14 $49.92DR $13,063.52DR $13,013.60DR $49.92DR
$13,013.60 × 0.02739726% × 14 days = $49.92.
21/11/2007 Proposed repayment #20. The payment will be $1,050.58CR $12,012.94DR $12,012.94DR $0.00DR
applied partly to principal ($1,000.66), and
partly to interest ($49.92).
04/12/2007 Interest (21/11/2007 to 04/12/2007 inclusive) 14 $46.08DR $12,059.02DR $12,012.94DR $46.08DR
$12,012.94 × 0.02739726% × 14 days = $46.08.
05/12/2007 Proposed repayment #21. The payment will be $1,050.58CR $11,008.44DR $11,008.44DR $0.00DR
applied partly to principal ($1,004.50), and
partly to interest ($46.08).
18/12/2007 Interest (05/12/2007 to 18/12/2007 inclusive) 14 $42.22DR $11,050.66DR $11,008.44DR $42.22DR
$11,008.44 × 0.02739726% × 14 days = $42.22.
19/12/2007 Proposed repayment #22. The payment will be $1,050.58CR $10,000.08DR $10,000.08DR $0.00DR
applied partly to principal ($1,008.36), and
partly to interest ($42.22).
Final Balance 1308 $10,000.08DR $10,000.08DR $0.00DR
NOTIONAL INTEREST CALCULATION
The following describes how the proposed repayments interact
with calculated interest.
(a) On 20/05/2004 the opening principal was $4,473.15, the interest rate on debit balances was 10% per annum, the interest rate on credit balances was nil (0.0%), and the days per year base used to convert the annual interest rates into daily interest rates was 366.
(b) Debits and Credits are each applied to principal then to interest.
(c) Calculated interest on 01/06/2004 because it was the last day before the balance of principal changed on 02/06/2004. Interest on $4,473.15 (principal) at 10% per annum × 13 days (20/05/2004 to 01/06/2004 inclusive) ÷ 366 (days per year) is $15.89, resulting in a new unpaid interest balance of $15.89 ($0.00 plus $15.89).
(d) Debit on 02/06/2004: "Invoice No. 249" $7,628.00. The entire amount was added to principal, leaving a new principal balance of $12,101.15 ($4,473.15 plus $7,628.00).
(e) Calculated interest on 12/07/2004 because it was the last day before the balance of principal changed on 13/07/2004. Interest on $12,101.15 (principal) at 10% per annum × 41 days (02/06/2004 to 12/07/2004 inclusive) ÷ 366 (days per year) is $135.56, resulting in a new unpaid interest balance of $151.45 ($15.89 plus $135.56).
(f) Debit on 13/07/2004: "Invoice No. 250" $5,550.06. The entire amount was added to principal, leaving a new principal balance of $17,651.21 ($12,101.15 plus $5,550.06).
(g) Calculated interest on 16/08/2004 because it was the last day before the balance of principal changed on 17/08/2004. Interest on $17,651.21 (principal) at 10% per annum × 35 days (13/07/2004 to 16/08/2004 inclusive) ÷ 366 (days per year) is $168.80, resulting in a new unpaid interest balance of $320.25 ($151.45 plus $168.80).
(h) Debit on 17/08/2004: "Invoice No. 251" $923.41. The entire amount was added to principal, leaving a new principal balance of $18,574.62 ($17,651.21 plus $923.41).
(i) Calculated interest on 26/09/2004 because it was the last day before the balance of principal changed on 27/09/2004. Interest on $18,574.62 (principal) at 10% per annum × 41 days (17/08/2004 to 26/09/2004 inclusive) ÷ 366 (days per year) is $208.08, resulting in a new unpaid interest balance of $528.33 ($320.25 plus $208.08).
(j) Credit on 27/09/2004: "Cheque No. 345309" $4,393.51CR. The payment was applied partly to interest ($528.33) and partly to principal ($3,865.18) leaving a new unpaid interest balance of $0.00 ($528.33 minus $528.33) and a new principal balance of $14,709.44 ($18,574.62 minus $3,865.18).
(k) Calculated interest on 31/12/2004 because it was the last day before the days per year base changed (from 366 to 365) on 01/01/2005. Interest on $14,709.44 (principal) at 10% per annum × 96 days (27/09/2004 to 31/12/2004 inclusive) ÷ 366 (days per year) is $385.82, resulting in a new unpaid interest balance of $385.82 ($0.00 plus $385.82).
(l) On 01/01/2005 the days per year base used to convert the annual interest rate into the daily interest rate changed to 365. The daily interest rate is now 0.02739726% on debit balances.
(m) Calculated interest on 17/03/2005 because it was the last day before the balance of principal changed on 18/03/2005. Interest on $14,709.44 (principal) at 10% per annum × 76 days (01/01/2005 to 17/03/2005 inclusive) ÷ 365 (days per year) is $306.28, resulting in a new unpaid interest balance of $692.10 ($385.82 plus $306.28).
(n) Credit on 18/03/2005: "Cheque No. 345310" $2,311.52CR. The payment was applied partly to interest ($692.10) and partly to principal ($1,619.42) leaving a new unpaid interest balance of $0.00 ($692.10 minus $692.10) and a new principal balance of $13,090.02 ($14,709.44 minus $1,619.42).
(o) Calculated interest on 26/06/2005 because it was the last day before the balance of principal changed on 27/06/2005. Interest on $13,090.02 (principal) at 10% per annum × 101 days (18/03/2005 to 26/06/2005 inclusive) ÷ 365 (days per year) is $362.22, resulting in a new unpaid interest balance of $362.22 ($0.00 plus $362.22).
(p) Debit on 27/06/2005: "Invoice No. 252" $9,820.26. The entire amount was added to principal, leaving a new principal balance of $22,910.28 ($13,090.02 plus $9,820.26).
(q) Debit on 08/11/2006: "Invoice No. 253" $6,905.26. The entire amount was added to principal, leaving a new principal balance of $29,815.54 ($22,910.28 plus $6,905.26).
(r) Calculated interest on 13/03/2007 because it was the last day before the balance of principal changed on 14/03/2007. Interest on $29,815.54 (principal) at 10% per annum × 625 days (27/06/2005 to 13/03/2007 inclusive) ÷ 365 (days per year) is $5,105.40, resulting in a new unpaid interest balance of $5,467.62 ($362.22 plus $5,105.40).
(s) Proposed repayment #1 ($1,050.58) on 14/03/2007: The payment will be applied entirely to interest ($1,050.58) leaving a new unpaid interest balance of $4,417.04 ($5,467.62 minus $1,050.58).
(t) Calculated interest on 27/03/2007 because it was the last day before the balance of principal changed on 28/03/2007. Interest on $29,815.54 (principal) at 10% per annum × 14 days (14/03/2007 to 27/03/2007 inclusive) ÷ 365 (days per year) is $114.36, resulting in a new unpaid interest balance of $4,531.40 ($4,417.04 plus $114.36).
(u) Proposed repayment #2 ($1,050.58) on 28/03/2007: The payment will be applied entirely to interest ($1,050.58) leaving a new unpaid interest balance of $3,480.82 ($4,531.40 minus $1,050.58).
(v) Calculated interest on 10/04/2007 because it was the last day before the balance of principal changed on 11/04/2007. Interest on $29,815.54 (principal) at 10% per annum × 14 days (28/03/2007 to 10/04/2007 inclusive) ÷ 365 (days per year) is $114.36, resulting in a new unpaid interest balance of $3,595.18 ($3,480.82 plus $114.36).
(w) Proposed repayment #3 ($1,050.58) on 11/04/2007: The payment will be applied entirely to interest ($1,050.58) leaving a new unpaid interest balance of $2,544.60 ($3,595.18 minus $1,050.58).
(x) Calculated interest on 24/04/2007 because it was the last day before the balance of principal changed on 25/04/2007. Interest on $29,815.54 (principal) at 10% per annum × 14 days (11/04/2007 to 24/04/2007 inclusive) ÷ 365 (days per year) is $114.36, resulting in a new unpaid interest balance of $2,658.96 ($2,544.60 plus $114.36).
(y) Proposed repayment #4 ($1,050.58) on 25/04/2007: The payment will be applied entirely to interest ($1,050.58) leaving a new unpaid interest balance of $1,608.38 ($2,658.96 minus $1,050.58).
(z) Calculated interest on 08/05/2007 because it was the last day before the balance of principal changed on 09/05/2007. Interest on $29,815.54 (principal) at 10% per annum × 14 days (25/04/2007 to 08/05/2007 inclusive) ÷ 365 (days per year) is $114.36, resulting in a new unpaid interest balance of $1,722.74 ($1,608.38 plus $114.36).
(aa) Proposed repayment #5 ($1,050.58) on 09/05/2007: The payment will be applied entirely to interest ($1,050.58) leaving a new unpaid interest balance of $672.16 ($1,722.74 minus $1,050.58).
(ab) Calculated interest on 22/05/2007 because it was the last day before the balance of principal changed on 23/05/2007. Interest on $29,815.54 (principal) at 10% per annum × 14 days (09/05/2007 to 22/05/2007 inclusive) ÷ 365 (days per year) is $114.36, resulting in a new unpaid interest balance of $786.52 ($672.16 plus $114.36).
(ac) Proposed repayment #6 ($1,050.58) on 23/05/2007: The payment will be applied partly to principal ($264.06), and partly to interest ($786.52) leaving a new principal balance of $29,551.48 ($29,815.54 minus $264.06), and a new unpaid interest balance of $0.00 ($786.52 minus $786.52).
(ad) Calculated interest on 05/06/2007 because it was the last day before the balance of principal changed on 06/06/2007. Interest on $29,551.48 (principal) at 10% per annum × 14 days (23/05/2007 to 05/06/2007 inclusive) ÷ 365 (days per year) is $113.35, resulting in a new unpaid interest balance of $113.35 ($0.00 plus $113.35).
(ae) Proposed repayment #7 ($1,050.58) on 06/06/2007: The payment will be applied partly to principal ($937.23), and partly to interest ($113.35) leaving a new principal balance of $28,614.25 ($29,551.48 minus $937.23), and a new unpaid interest balance of $0.00 ($113.35 minus $113.35).
(af) Calculated interest on 19/06/2007 because it was the last day before the balance of principal changed on 20/06/2007. Interest on $28,614.25 (principal) at 10% per annum × 14 days (06/06/2007 to 19/06/2007 inclusive) ÷ 365 (days per year) is $109.75, resulting in a new unpaid interest balance of $109.75 ($0.00 plus $109.75).
(ag) Proposed repayment #8 ($1,050.58) on 20/06/2007: The payment will be applied partly to principal ($940.83), and partly to interest ($109.75) leaving a new principal balance of $27,673.42 ($28,614.25 minus $940.83), and a new unpaid interest balance of $0.00 ($109.75 minus $109.75).
(ah) Calculated interest on 03/07/2007 because it was the last day before the balance of principal changed on 04/07/2007. Interest on $27,673.42 (principal) at 10% per annum × 14 days (20/06/2007 to 03/07/2007 inclusive) ÷ 365 (days per year) is $106.14, resulting in a new unpaid interest balance of $106.14 ($0.00 plus $106.14).
(ai) Proposed repayment #9 ($1,050.58) on 04/07/2007: The payment will be applied partly to principal ($944.44), and partly to interest ($106.14) leaving a new principal balance of $26,728.98 ($27,673.42 minus $944.44), and a new unpaid interest balance of $0.00 ($106.14 minus $106.14).
(aj) Calculated interest on 17/07/2007 because it was the last day before the balance of principal changed on 18/07/2007. Interest on $26,728.98 (principal) at 10% per annum × 14 days (04/07/2007 to 17/07/2007 inclusive) ÷ 365 (days per year) is $102.52, resulting in a new unpaid interest balance of $102.52 ($0.00 plus $102.52).
(ak) Proposed repayment #10 ($1,050.58) on 18/07/2007: The payment will be applied partly to principal ($948.06), and partly to interest ($102.52) leaving a new principal balance of $25,780.92 ($26,728.98 minus $948.06), and a new unpaid interest balance of $0.00 ($102.52 minus $102.52).
(al) Calculated interest on 31/07/2007 because it was the last day before the balance of principal changed on 01/08/2007. Interest on $25,780.92 (principal) at 10% per annum × 14 days (18/07/2007 to 31/07/2007 inclusive) ÷ 365 (days per year) is $98.89, resulting in a new unpaid interest balance of $98.89 ($0.00 plus $98.89).
(am) Proposed repayment #11 ($1,050.58) on 01/08/2007: The payment will be applied partly to principal ($951.69), and partly to interest ($98.89) leaving a new principal balance of $24,829.23 ($25,780.92 minus $951.69), and a new unpaid interest balance of $0.00 ($98.89 minus $98.89).
(an) Calculated interest on 14/08/2007 because it was the last day before the balance of principal changed on 15/08/2007. Interest on $24,829.23 (principal) at 10% per annum × 14 days (01/08/2007 to 14/08/2007 inclusive) ÷ 365 (days per year) is $95.24, resulting in a new unpaid interest balance of $95.24 ($0.00 plus $95.24).
(ao) Proposed repayment #12 ($1,050.58) on 15/08/2007: The payment will be applied partly to principal ($955.34), and partly to interest ($95.24) leaving a new principal balance of $23,873.89 ($24,829.23 minus $955.34), and a new unpaid interest balance of $0.00 ($95.24 minus $95.24).
(ap) Calculated interest on 28/08/2007 because it was the last day before the balance of principal changed on 29/08/2007. Interest on $23,873.89 (principal) at 10% per annum × 14 days (15/08/2007 to 28/08/2007 inclusive) ÷ 365 (days per year) is $91.57, resulting in a new unpaid interest balance of $91.57 ($0.00 plus $91.57).
(aq) Proposed repayment #13 ($1,050.58) on 29/08/2007: The payment will be applied partly to principal ($959.01), and partly to interest ($91.57) leaving a new principal balance of $22,914.88 ($23,873.89 minus $959.01), and a new unpaid interest balance of $0.00 ($91.57 minus $91.57).
(ar) Calculated interest on 11/09/2007 because it was the last day before the balance of principal changed on 12/09/2007. Interest on $22,914.88 (principal) at 10% per annum × 14 days (29/08/2007 to 11/09/2007 inclusive) ÷ 365 (days per year) is $87.89, resulting in a new unpaid interest balance of $87.89 ($0.00 plus $87.89).
(as) Proposed repayment #14 ($1,050.58) on 12/09/2007: The payment will be applied partly to principal ($962.69), and partly to interest ($87.89) leaving a new principal balance of $21,952.19 ($22,914.88 minus $962.69), and a new unpaid interest balance of $0.00 ($87.89 minus $87.89).
(at) Calculated interest on 25/09/2007 because it was the last day before the balance of principal changed on 26/09/2007. Interest on $21,952.19 (principal) at 10% per annum × 14 days (12/09/2007 to 25/09/2007 inclusive) ÷ 365 (days per year) is $84.20, resulting in a new unpaid interest balance of $84.20 ($0.00 plus $84.20).
(au) Proposed repayment #15 ($1,050.58) on 26/09/2007: The payment will be applied partly to principal ($966.38), and partly to interest ($84.20) leaving a new principal balance of $20,985.81 ($21,952.19 minus $966.38), and a new unpaid interest balance of $0.00 ($84.20 minus $84.20).
(av) Calculated interest on 30/09/2007. Interest on $20,985.81 (principal) at 10% per annum × 5 days (26/09/2007 to 30/09/2007 inclusive) ÷ 365 (days per year) is $28.75, resulting in a new unpaid interest balance of $28.75 ($0.00 plus $28.75).
(aw) Proposed repayment #16 ($5,000.00) on 30/09/2007: The payment will be applied partly to principal ($4,971.25), and partly to interest ($28.75) leaving a new principal balance of $16,014.56 ($20,985.81 minus $4,971.25), and a new unpaid interest balance of $0.00 ($28.75 minus $28.75).
(ax) Calculated interest on 09/10/2007 because it was the last day before the balance of principal changed on 10/10/2007. Interest on $16,014.56 (principal) at 10% per annum × 9 days (01/10/2007 to 09/10/2007 inclusive) ÷ 365 (days per year) is $39.49, resulting in a new unpaid interest balance of $39.49 ($0.00 plus $39.49).
(ay) Proposed repayment #17 ($1,050.58) on 10/10/2007: The payment will be applied partly to principal ($1,011.09), and partly to interest ($39.49) leaving a new principal balance of $15,003.47 ($16,014.56 minus $1,011.09), and a new unpaid interest balance of $0.00 ($39.49 minus $39.49).
(az) Calculated interest on 23/10/2007 because it was the last day before the balance of principal changed on 24/10/2007. Interest on $15,003.47 (principal) at 10% per annum × 14 days (10/10/2007 to 23/10/2007 inclusive) ÷ 365 (days per year) is $57.55, resulting in a new unpaid interest balance of $57.55 ($0.00 plus $57.55).
(ba) Proposed repayment #18 ($1,050.58) on 24/10/2007: The payment will be applied partly to principal ($993.03), and partly to interest ($57.55) leaving a new principal balance of $14,010.44 ($15,003.47 minus $993.03), and a new unpaid interest balance of $0.00 ($57.55 minus $57.55).
(bb) Calculated interest on 06/11/2007 because it was the last day before the balance of principal changed on 07/11/2007. Interest on $14,010.44 (principal) at 10% per annum × 14 days (24/10/2007 to 06/11/2007 inclusive) ÷ 365 (days per year) is $53.74, resulting in a new unpaid interest balance of $53.74 ($0.00 plus $53.74).
(bc) Proposed repayment #19 ($1,050.58) on 07/11/2007: The payment will be applied partly to principal ($996.84), and partly to interest ($53.74) leaving a new principal balance of $13,013.60 ($14,010.44 minus $996.84), and a new unpaid interest balance of $0.00 ($53.74 minus $53.74).
(bd) Calculated interest on 20/11/2007 because it was the last day before the balance of principal changed on 21/11/2007. Interest on $13,013.60 (principal) at 10% per annum × 14 days (07/11/2007 to 20/11/2007 inclusive) ÷ 365 (days per year) is $49.92, resulting in a new unpaid interest balance of $49.92 ($0.00 plus $49.92).
(be) Proposed repayment #20 ($1,050.58) on 21/11/2007: The payment will be applied partly to principal ($1,000.66), and partly to interest ($49.92) leaving a new principal balance of $12,012.94 ($13,013.60 minus $1,000.66), and a new unpaid interest balance of $0.00 ($49.92 minus $49.92).
(bf) Calculated interest on 04/12/2007 because it was the last day before the balance of principal changed on 05/12/2007. Interest on $12,012.94 (principal) at 10% per annum × 14 days (21/11/2007 to 04/12/2007 inclusive) ÷ 365 (days per year) is $46.08, resulting in a new unpaid interest balance of $46.08 ($0.00 plus $46.08).
(bg) Proposed repayment #21 ($1,050.58) on 05/12/2007: The payment will be applied partly to principal ($1,004.50), and partly to interest ($46.08) leaving a new principal balance of $11,008.44 ($12,012.94 minus $1,004.50), and a new unpaid interest balance of $0.00 ($46.08 minus $46.08).
(bh) Calculated interest on 18/12/2007 because it was the last day before the balance of principal changed on 19/12/2007. Interest on $11,008.44 (principal) at 10% per annum × 14 days (05/12/2007 to 18/12/2007 inclusive) ÷ 365 (days per year) is $42.22, resulting in a new unpaid interest balance of $42.22 ($0.00 plus $42.22).
(bi) Proposed repayment #22 ($1,050.58) on 19/12/2007: The payment will be applied partly to principal ($1,008.36), and partly to interest ($42.22) leaving a new principal balance of $10,000.08 ($11,008.44 minus $1,008.36), and a new unpaid interest balance of $0.00 ($42.22 minus $42.22).
(bj) Total amount owing as at 21/05/2006 is $10,000.08 comprising principal $10,000.08 plus accumulated interest $0.00. Total interest was $8,467.15 of which $8,467.15 was paid.
(bk) Interest on $10,000.08 continues to accumulate at two dollars and seventy-three cents ($2.74) per day on and from 22/05/2006.