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Example 1 (Simple Principal)

 

 

 

 

 

PARTICULARS OF INTEREST

 

(a) On 14/02/2004 the principal was $10,000.00, the interest rate was 9% per annum, and the days per year base used to convert the annual interest rate into the daily interest rate was 366.

 

(b) 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 $10,000.00 (principal) at 9% per annum (M.C.P.D. 2/2002) × 322 days (14/02/2004 to 31/12/2004 inclusive) ÷ 366 (days per year) is $791.80, resulting in a new unpaid interest balance of $791.80 ($0.00 plus $791.80).

 

(c) 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 0.02465753% on debit balances.

 

(d) Calculated interest on 21/02/2007. Interest on $10,000.00 (principal) at 9% per annum (M.C.P.D. 2/2002) × 782 days (01/01/2005 to 21/02/2007 inclusive) ÷ 365 (days per year) is $1,928.22, resulting in a new unpaid interest balance of $2,720.02 ($791.80 plus $1,928.22).

 

(e) As at 21/02/2007 the total amount owing is twelve thousand seven hundred and twenty dollars and two cents ($12,720.02) comprised of principal of ten thousand dollars and zero cents ($10,000.00) and accumulated interest of two thousand seven hundred and twenty dollars and two cents ($2,720.02).

 

(f) Total interest for the period 14/02/2004 to 21/02/2007 (1104 days) was two thousand seven hundred and twenty dollars and two cents ($2,720.02).

 

(g) Interest on $10,000.00 continues to accumulate at two dollars and forty-six cents ($2.47) per day on and from 22/02/2007.

 

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Example 2 (Transactions)

 

SUMMARY

 

 

 

 

 

 

TRANSACTION HISTORY BEFORE INTEREST IS TAKEN INTO ACCOUNT

 

DATE        DESCRIPTION        AMOUNT        BALANCE

05/04/2001        Invoice No. 444        $3,267.48        $3,267.48

12/05/2001        Invoice No. 445        $4,185.43        $7,452.91

01/07/2001        Cheque No. 394284        $4,363.52CR        $3,089.39

14/11/2001        Invoice No. 446        $7,762.41        $10,851.80

08/02/2002        Cheque No. 394285        $1,602.83CR        $9,248.97

27/05/2002        Cheque No. 394286        $4,473.90CR        $4,775.07

10/07/2002        Cheque No. 394287        $8,431.80CR        $3,656.73CR

05/10/2002        Cheque No. 394288        $3,295.73CR        $6,952.46CR

02/01/2003        Cheque No. 394289        $6,950.90CR        $13,903.36CR

04/03/2003        Cheque No. 394290        $4,094.74CR        $17,998.10CR

25/05/2003        Invoice No. 447        $1,797.04        $16,201.06CR

04/04/2004        Cheque No. 394291        $9,523.77CR        $25,724.83CR

09/07/2004        Cheque No. 394292        $5,825.95CR        $31,550.78CR

25/07/2004        Cheque No. 394293        $4,877.98CR        $36,428.76CR

08/10/2004        Cheque No. 394294        $8,752.78CR        $45,181.54CR

18/10/2004        Invoice No. 448        $9,018.20        $36,163.34CR

24/11/2005        Invoice No. 449        $7,253.08        $28,910.26CR

14/03/2006        Cheque No. 394295        $272.76CR        $29,183.02CR

06/06/2006        Cheque No. 394296        $9,221.60CR        $38,404.62CR

15/09/2006        Cheque No. 394297        $684.75CR        $39,089.37CR

 

 

PARTICULARS OF INTEREST

 

(a) On 05/04/2001 the opening principal was $3,267.48, the interest rate on debit balances was 10.5% per annum (M.C.P.D. 5/2000), 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 365.

 

(b) Debits and Credits are each applied to principal then to interest.

 

(c) Calculated interest on 11/05/2001 because it was the last day before the balance of principal changed on 12/05/2001. Interest on $3,267.48 (principal) at 10.5% per annum (M.C.P.D. 5/2000) × 37 days (05/04/2001 to 11/05/2001 inclusive) ÷ 365 (days per year) is $34.78, resulting in a new unpaid interest balance of $34.78 ($0.00 plus $34.78).

 

(d) Debit on 12/05/2001: "Invoice No. 445" $4,185.43. The entire amount was added to principal, leaving a new principal balance of $7,452.91 ($3,267.48 plus $4,185.43).

 

(e) Calculated interest on 30/06/2001 because it was the last day before the balance of principal changed on 01/07/2001. Interest on $7,452.91 (principal) at 10.5% per annum (M.C.P.D. 5/2000) × 50 days (12/05/2001 to 30/06/2001 inclusive) ÷ 365 (days per year) is $107.20, resulting in a new unpaid interest balance of $141.98 ($34.78 plus $107.20).

 

(f) Credit on 01/07/2001: "Cheque No. 394284" $4,363.52CR. The payment was applied partly to interest ($141.98) and partly to principal ($4,221.54) leaving a new unpaid interest balance of $0.00 ($141.98 minus $141.98) and a new principal balance of $3,231.37 ($7,452.91 minus $4,221.54).

 

(g) Calculated interest on 31/08/2001 because it was the last day before the interest rate changed on 01/09/2001. Interest on $3,231.37 (principal) at 10.5% per annum (M.C.P.D. 5/2000) × 62 days (01/07/2001 to 31/08/2001 inclusive) ÷ 365 (days per year) is $57.63, resulting in a new unpaid interest balance of $57.63 ($0.00 plus $57.63).

 

(h) On 01/09/2001 the interest rate on debit balances changed to 9.5% per annum (M.C.P.D.).

 

(i) Calculated interest on 13/11/2001 because it was the last day before the balance of principal changed on 14/11/2001. Interest on $3,231.37 (principal) at 9.5% per annum (M.C.P.D.) × 74 days (01/09/2001 to 13/11/2001 inclusive) ÷ 365 (days per year) is $62.24, resulting in a new unpaid interest balance of $119.87 ($57.63 plus $62.24).

 

(j) Debit on 14/11/2001: "Invoice No. 446" $7,762.41. The entire amount was added to principal, leaving a new principal balance of $10,993.78 ($3,231.37 plus $7,762.41).

 

(k) Calculated interest on 07/02/2002 because it was the last day before the balance of principal changed on 08/02/2002. Interest on $10,993.78 (principal) at 9.5% per annum (M.C.P.D.) × 86 days (14/11/2001 to 07/02/2002 inclusive) ÷ 365 (days per year) is $246.08, resulting in a new unpaid interest balance of $365.95 ($119.87 plus $246.08).

 

(l) Credit on 08/02/2002: "Cheque No. 394285" $1,602.83CR. The payment was applied partly to interest ($365.95) and partly to principal ($1,236.88) leaving a new unpaid interest balance of $0.00 ($365.95 minus $365.95) and a new principal balance of $9,756.90 ($10,993.78 minus $1,236.88).

 

(m) Calculated interest on 31/03/2002 because it was the last day before the interest rate changed on 01/04/2002. Interest on $9,756.90 (principal) at 9.5% per annum (M.C.P.D.) × 52 days (08/02/2002 to 31/03/2002 inclusive) ÷ 365 (days per year) is $132.05, resulting in a new unpaid interest balance of $132.05 ($0.00 plus $132.05).

 

(n) On 01/04/2002 the interest rate on debit balances changed to 9% per annum (M.C.P.D. 2/2002).

 

(o) Calculated interest on 26/05/2002 because it was the last day before the balance of principal changed on 27/05/2002. Interest on $9,756.90 (principal) at 9% per annum (M.C.P.D. 2/2002) × 56 days (01/04/2002 to 26/05/2002 inclusive) ÷ 365 (days per year) is $134.73, resulting in a new unpaid interest balance of $266.78 ($132.05 plus $134.73).

 

(p) Credit on 27/05/2002: "Cheque No. 394286" $4,473.90CR. The payment was applied partly to interest ($266.78) and partly to principal ($4,207.12) leaving a new unpaid interest balance of $0.00 ($266.78 minus $266.78) and a new principal balance of $5,549.78 ($9,756.90 minus $4,207.12).

 

(q) Calculated interest on 09/07/2002 because it was the last day before the balance of principal changed on 10/07/2002. Interest on $5,549.78 (principal) at 9% per annum (M.C.P.D. 2/2002) × 44 days (27/05/2002 to 09/07/2002 inclusive) ÷ 365 (days per year) is $60.21, resulting in a new unpaid interest balance of $60.21 ($0.00 plus $60.21).

 

(r) Credit on 10/07/2002: "Cheque No. 394287" $8,431.80CR. The payment was applied partly to interest ($60.21) and partly to principal ($8,371.59) leaving a new unpaid interest balance of $0.00 ($60.21 minus $60.21) and a new principal balance of $2,821.81CR ($5,549.78 minus $8,371.59).

 

(s) Calculated interest on 04/10/2002 because it was the last day before the balance of principal changed on 05/10/2002. Interest on $2,821.81CR (principal) at 0% per annum × 87 days (10/07/2002 to 04/10/2002 inclusive) ÷ 365 (days per year) is $0.00, resulting in a new unpaid interest balance of $0.00 ($0.00 plus $0.00).

 

(t) Credit on 05/10/2002: "Cheque No. 394288" $3,295.73CR. The payment was applied entirely to principal, leaving a new principal balance of $6,117.54CR ($2,821.81CR minus $3,295.73).

 

(u) Calculated interest on 01/01/2003 because it was the last day before the balance of principal changed on 02/01/2003. Interest on $6,117.54CR (principal) at 0% per annum × 89 days (05/10/2002 to 01/01/2003 inclusive) ÷ 365 (days per year) is $0.00, resulting in a new unpaid interest balance of $0.00 ($0.00 plus $0.00).

 

(v) Credit on 02/01/2003: "Cheque No. 394289" $6,950.90CR. The payment was applied entirely to principal, leaving a new principal balance of $13,068.44CR ($6,117.54CR minus $6,950.90).

 

(w) Calculated interest on 03/03/2003 because it was the last day before the balance of principal changed on 04/03/2003. Interest on $13,068.44CR (principal) at 0% per annum × 61 days (02/01/2003 to 03/03/2003 inclusive) ÷ 365 (days per year) is $0.00, resulting in a new unpaid interest balance of $0.00 ($0.00 plus $0.00).

 

(x) Credit on 04/03/2003: "Cheque No. 394290" $4,094.74CR. The payment was applied entirely to principal, leaving a new principal balance of $17,163.18CR ($13,068.44CR minus $4,094.74).

 

(y) Calculated interest on 24/05/2003 because it was the last day before the balance of principal changed on 25/05/2003. Interest on $17,163.18CR (principal) at 0% per annum × 82 days (04/03/2003 to 24/05/2003 inclusive) ÷ 365 (days per year) is $0.00, resulting in a new unpaid interest balance of $0.00 ($0.00 plus $0.00).

 

(z) Debit on 25/05/2003: "Invoice No. 447" $1,797.04. The entire amount was added to principal, leaving a new principal balance of $15,366.14CR ($17,163.18CR plus $1,797.04).

 

(aa) Calculated interest on 31/12/2003 because it was the last day before the days per year base changed (from 365 to 366) on 01/01/2004. Interest on $15,366.14CR (principal) at 0% per annum × 221 days (25/05/2003 to 31/12/2003 inclusive) ÷ 365 (days per year) is $0.00, resulting in a new unpaid interest balance of $0.00 ($0.00 plus $0.00).

 

(ab) On 01/01/2004 the days per year base used to convert the annual interest rate into the daily interest rate changed to 366. The daily interest rate is now 0.02459016% on debit balances.

 

(ac) Calculated interest on 03/04/2004 because it was the last day before the balance of principal changed on 04/04/2004. Interest on $15,366.14CR (principal) at 0% per annum × 94 days (01/01/2004 to 03/04/2004 inclusive) ÷ 366 (days per year) is $0.00, resulting in a new unpaid interest balance of $0.00 ($0.00 plus $0.00).

 

(ad) Credit on 04/04/2004: "Cheque No. 394291" $9,523.77CR. The payment was applied entirely to principal, leaving a new principal balance of $24,889.91CR ($15,366.14CR minus $9,523.77).

 

(ae) Calculated interest on 08/07/2004 because it was the last day before the balance of principal changed on 09/07/2004. Interest on $24,889.91CR (principal) at 0% per annum × 96 days (04/04/2004 to 08/07/2004 inclusive) ÷ 366 (days per year) is $0.00, resulting in a new unpaid interest balance of $0.00 ($0.00 plus $0.00).

 

(af) Credit on 09/07/2004: "Cheque No. 394292" $5,825.95CR. The payment was applied entirely to principal, leaving a new principal balance of $30,715.86CR ($24,889.91CR minus $5,825.95).

 

(ag) Calculated interest on 24/07/2004 because it was the last day before the balance of principal changed on 25/07/2004. Interest on $30,715.86CR (principal) at 0% per annum × 16 days (09/07/2004 to 24/07/2004 inclusive) ÷ 366 (days per year) is $0.00, resulting in a new unpaid interest balance of $0.00 ($0.00 plus $0.00).

 

(ah) Credit on 25/07/2004: "Cheque No. 394293" $4,877.98CR. The payment was applied entirely to principal, leaving a new principal balance of $35,593.84CR ($30,715.86CR minus $4,877.98).

 

(ai) Calculated interest on 07/10/2004 because it was the last day before the balance of principal changed on 08/10/2004. Interest on $35,593.84CR (principal) at 0% per annum × 75 days (25/07/2004 to 07/10/2004 inclusive) ÷ 366 (days per year) is $0.00, resulting in a new unpaid interest balance of $0.00 ($0.00 plus $0.00).

 

(aj) Credit on 08/10/2004: "Cheque No. 394294" $8,752.78CR. The payment was applied entirely to principal, leaving a new principal balance of $44,346.62CR ($35,593.84CR minus $8,752.78).

 

(ak) Calculated interest on 17/10/2004 because it was the last day before the balance of principal changed on 18/10/2004. Interest on $44,346.62CR (principal) at 0% per annum × 10 days (08/10/2004 to 17/10/2004 inclusive) ÷ 366 (days per year) is $0.00, resulting in a new unpaid interest balance of $0.00 ($0.00 plus $0.00).

 

(al) Debit on 18/10/2004: "Invoice No. 448" $9,018.20. The entire amount was added to principal, leaving a new principal balance of $35,328.42CR ($44,346.62CR plus $9,018.20).

 

(am) 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 $35,328.42CR (principal) at 0% per annum × 75 days (18/10/2004 to 31/12/2004 inclusive) ÷ 366 (days per year) is $0.00, resulting in a new unpaid interest balance of $0.00 ($0.00 plus $0.00).

 

(an) 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 0.02465753% on debit balances.

 

(ao) Calculated interest on 23/11/2005 because it was the last day before the balance of principal changed on 24/11/2005. Interest on $35,328.42CR (principal) at 0% per annum × 327 days (01/01/2005 to 23/11/2005 inclusive) ÷ 365 (days per year) is $0.00, resulting in a new unpaid interest balance of $0.00 ($0.00 plus $0.00).

 

(ap) Debit on 24/11/2005: "Invoice No. 449" $7,253.08. The entire amount was added to principal, leaving a new principal balance of $28,075.34CR ($35,328.42CR plus $7,253.08).

 

(aq) Calculated interest on 13/03/2006 because it was the last day before the balance of principal changed on 14/03/2006. Interest on $28,075.34CR (principal) at 0% per annum × 110 days (24/11/2005 to 13/03/2006 inclusive) ÷ 365 (days per year) is $0.00, resulting in a new unpaid interest balance of $0.00 ($0.00 plus $0.00).

 

(ar) Credit on 14/03/2006: "Cheque No. 394295" $272.76CR. The payment was applied entirely to principal, leaving a new principal balance of $28,348.10CR ($28,075.34CR minus $272.76).

 

(as) Calculated interest on 05/06/2006 because it was the last day before the balance of principal changed on 06/06/2006. Interest on $28,348.10CR (principal) at 0% per annum × 84 days (14/03/2006 to 05/06/2006 inclusive) ÷ 365 (days per year) is $0.00, resulting in a new unpaid interest balance of $0.00 ($0.00 plus $0.00).

 

(at) Credit on 06/06/2006: "Cheque No. 394296" $9,221.60CR. The payment was applied entirely to principal, leaving a new principal balance of $37,569.70CR ($28,348.10CR minus $9,221.60).

 

(au) Calculated interest on 14/09/2006 because it was the last day before the balance of principal changed on 15/09/2006. Interest on $37,569.70CR (principal) at 0% per annum × 101 days (06/06/2006 to 14/09/2006 inclusive) ÷ 365 (days per year) is $0.00, resulting in a new unpaid interest balance of $0.00 ($0.00 plus $0.00).

 

(av) Credit on 15/09/2006: "Cheque No. 394297" $684.75CR. The payment was applied entirely to principal, leaving a new principal balance of $38,254.45CR ($37,569.70CR minus $684.75).

 

(aw) Calculated interest on 21/02/2007. Interest on $38,254.45CR (principal) at 0% per annum × 160 days (15/09/2006 to 21/02/2007 inclusive) ÷ 365 (days per year) is $0.00, resulting in a new unpaid interest balance of $0.00 ($0.00 plus $0.00).

 

(ax) As at 21/02/2007 the total amount owing is negative thirty-eight thousand two hundred and fifty-four dollars and forty-five cents ($38,254.45CR) comprised of principal of negative thirty-eight thousand two hundred and fifty-four dollars and forty-five cents ($38,254.45CR) and accumulated interest of zero dollars and zero cents ($0.00).

 

(ay) Total interest for the period 05/04/2001 to 21/02/2007 (2149 days) was eight hundred and thirty-four dollars and ninety-two cents ($834.92).

 

(az) Interest on $38,254.45CR continues to accumulate at zero dollars and zero cents ($0.00) per day on and from 22/02/2007.