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Example 1 (Simple Principal)

INTEREST CALCULATION TABLE

DATE DESCRIPTION DAYS AMOUNT BALANCE PRINCIPAL INTEREST

14/02/2004 Interest rate started at 9% on debit balances $10,000.00DR $10,000.00DR $0.00DR

(0.02459016% per day).

31/12/2004 Interest (14/02/2004 to 31/12/2004 inclusive) 322 $791.80DR $10,791.80DR $10,000.00DR $791.80DR

$10,000.00 × 0.02459016% × 322 days = $791.80.

01/01/2005 Days per year changed to 365. Daily interest $10,791.80DR $10,000.00DR $791.80DR

rate now 0.02465753% on debit balances.

21/02/2007 Interest (01/01/2005 to 21/02/2007 inclusive) 782 $1,928.22DR $12,720.02DR $10,000.00DR $2,720.02DR

$10,000.00 × 0.02465753% × 782 days = $1,928.22.

Final Balance 1104 $12,720.02DR $10,000.00DR $2,720.02DR

Example 2 (Transactions)

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

INTEREST CALCULATION TABLE

DATE DESCRIPTION DAYS AMOUNT BALANCE PRINCIPAL INTEREST

05/04/2001 Interest rate started at 10.5% on debit balances $3,267.48DR $3,267.48DR $0.00DR

(0.02876712% per day).

11/05/2001 Interest (05/04/2001 to 11/05/2001 inclusive) 37 $34.78DR $3,302.26DR $3,267.48DR $34.78DR

$3,267.48 × 0.02876712% × 37 days = $34.78.

12/05/2001 Invoice No. 445. Entire amount added to principal. $4,185.43DR $7,487.69DR $7,452.91DR $34.78DR

30/06/2001 Interest (12/05/2001 to 30/06/2001 inclusive) 50 $107.20DR $7,594.89DR $7,452.91DR $141.98DR

$7,452.91 × 0.02876712% × 50 days = $107.20.

01/07/2001 Cheque No. 394284. Payment was applied partly to $4,363.52CR $3,231.37DR $3,231.37DR $0.00DR

interest ($141.98) and partly to principal

($4,221.54).

31/08/2001 Interest (01/07/2001 to 31/08/2001 inclusive) 62 $57.63DR $3,289.00DR $3,231.37DR $57.63DR

$3,231.37 × 0.02876712% × 62 days = $57.63.

01/09/2001 Interest rate on debit balances changed to 9.5% $3,289.00DR $3,231.37DR $57.63DR

per annum (M.C.P.D.) (currently 0.0260274% per

day).

13/11/2001 Interest (01/09/2001 to 13/11/2001 inclusive) 74 $62.24DR $3,351.24DR $3,231.37DR $119.87DR

$3,231.37 × 0.0260274% × 74 days = $62.24.

14/11/2001 Invoice No. 446. Entire amount added to principal. $7,762.41DR $11,113.65DR $10,993.78DR $119.87DR

07/02/2002 Interest (14/11/2001 to 07/02/2002 inclusive) 86 $246.08DR $11,359.73DR $10,993.78DR $365.95DR

$10,993.78 × 0.0260274% × 86 days = $246.08.

08/02/2002 Cheque No. 394285. Payment was applied partly to $1,602.83CR $9,756.90DR $9,756.90DR $0.00DR

interest ($365.95) and partly to principal

($1,236.88).

31/03/2002 Interest (08/02/2002 to 31/03/2002 inclusive) 52 $132.05DR $9,888.95DR $9,756.90DR $132.05DR

$9,756.90 × 0.0260274% × 52 days = $132.05.

01/04/2002 Interest rate on debit balances changed to 9% per $9,888.95DR $9,756.90DR $132.05DR

annum (M.C.P.D. 2/2002) (currently 0.02465753% per

day).

26/05/2002 Interest (01/04/2002 to 26/05/2002 inclusive) 56 $134.73DR $10,023.68DR $9,756.90DR $266.78DR

$9,756.90 × 0.02465753% × 56 days = $134.73.

27/05/2002 Cheque No. 394286. Payment was applied partly to $4,473.90CR $5,549.78DR $5,549.78DR $0.00DR

interest ($266.78) and partly to principal

($4,207.12).

09/07/2002 Interest (27/05/2002 to 09/07/2002 inclusive) 44 $60.21DR $5,609.99DR $5,549.78DR $60.21DR

$5,549.78 × 0.02465753% × 44 days = $60.21.

10/07/2002 Cheque No. 394287. Payment was applied partly to $8,431.80CR $2,821.81CR $2,821.81CR $0.00DR

interest ($60.21) and partly to principal

($8,371.59).

04/10/2002 Interest (10/07/2002 to 04/10/2002 inclusive) 87 Nil $2,821.81CR $2,821.81CR $0.00DR

$2,821.81CR × 0% × 87 days = $0.00.

05/10/2002 Cheque No. 394288. Payment applied entirely to $3,295.73CR $6,117.54CR $6,117.54CR $0.00DR

principal.

01/01/2003 Interest (05/10/2002 to 01/01/2003 inclusive) 89 Nil $6,117.54CR $6,117.54CR $0.00DR

$6,117.54CR × 0% × 89 days = $0.00.

02/01/2003 Cheque No. 394289. Payment applied entirely to $6,950.90CR $13,068.44CR $13,068.44CR $0.00DR

principal.

03/03/2003 Interest (02/01/2003 to 03/03/2003 inclusive) 61 Nil $13,068.44CR $13,068.44CR $0.00DR

$13,068.44CR × 0% × 61 days = $0.00.

04/03/2003 Cheque No. 394290. Payment applied entirely to $4,094.74CR $17,163.18CR $17,163.18CR $0.00DR

principal.

24/05/2003 Interest (04/03/2003 to 24/05/2003 inclusive) 82 Nil $17,163.18CR $17,163.18CR $0.00DR

$17,163.18CR × 0% × 82 days = $0.00.

25/05/2003 Invoice No. 447. Entire amount added to principal. $1,797.04DR $15,366.14CR $15,366.14CR $0.00DR

31/12/2003 Interest (25/05/2003 to 31/12/2003 inclusive) 221 Nil $15,366.14CR $15,366.14CR $0.00DR

$15,366.14CR × 0% × 221 days = $0.00.

01/01/2004 Days per year changed to 366. Daily interest rate $15,366.14CR $15,366.14CR $0.00DR

now 0.02459016% on debit balances.

03/04/2004 Interest (01/01/2004 to 03/04/2004 inclusive) 94 Nil $15,366.14CR $15,366.14CR $0.00DR

$15,366.14CR × 0% × 94 days = $0.00.

04/04/2004 Cheque No. 394291. Payment applied entirely to $9,523.77CR $24,889.91CR $24,889.91CR $0.00DR

principal.

08/07/2004 Interest (04/04/2004 to 08/07/2004 inclusive) 96 Nil $24,889.91CR $24,889.91CR $0.00DR

$24,889.91CR × 0% × 96 days = $0.00.

09/07/2004 Cheque No. 394292. Payment applied entirely to $5,825.95CR $30,715.86CR $30,715.86CR $0.00DR

principal.

24/07/2004 Interest (09/07/2004 to 24/07/2004 inclusive) 16 Nil $30,715.86CR $30,715.86CR $0.00DR

$30,715.86CR × 0% × 16 days = $0.00.

25/07/2004 Cheque No. 394293. Payment applied entirely to $4,877.98CR $35,593.84CR $35,593.84CR $0.00DR

principal.

07/10/2004 Interest (25/07/2004 to 07/10/2004 inclusive) 75 Nil $35,593.84CR $35,593.84CR $0.00DR

$35,593.84CR × 0% × 75 days = $0.00.

08/10/2004 Cheque No. 394294. Payment applied entirely to $8,752.78CR $44,346.62CR $44,346.62CR $0.00DR

principal.

17/10/2004 Interest (08/10/2004 to 17/10/2004 inclusive) 10 Nil $44,346.62CR $44,346.62CR $0.00DR

$44,346.62CR × 0% × 10 days = $0.00.

18/10/2004 Invoice No. 448. Entire amount added to principal. $9,018.20DR $35,328.42CR $35,328.42CR $0.00DR

31/12/2004 Interest (18/10/2004 to 31/12/2004 inclusive) 75 Nil $35,328.42CR $35,328.42CR $0.00DR

$35,328.42CR × 0% × 75 days = $0.00.

01/01/2005 Days per year changed to 365. Daily interest rate $35,328.42CR $35,328.42CR $0.00DR

now 0.02465753% on debit balances.

23/11/2005 Interest (01/01/2005 to 23/11/2005 inclusive) 327 Nil $35,328.42CR $35,328.42CR $0.00DR

$35,328.42CR × 0% × 327 days = $0.00.

24/11/2005 Invoice No. 449. Entire amount added to principal. $7,253.08DR $28,075.34CR $28,075.34CR $0.00DR

13/03/2006 Interest (24/11/2005 to 13/03/2006 inclusive) 110 Nil $28,075.34CR $28,075.34CR $0.00DR

$28,075.34CR × 0% × 110 days = $0.00.

14/03/2006 Cheque No. 394295. Payment applied entirely to $272.76CR $28,348.10CR $28,348.10CR $0.00DR

principal.

05/06/2006 Interest (14/03/2006 to 05/06/2006 inclusive) 84 Nil $28,348.10CR $28,348.10CR $0.00DR

$28,348.10CR × 0% × 84 days = $0.00.

06/06/2006 Cheque No. 394296. Payment applied entirely to $9,221.60CR $37,569.70CR $37,569.70CR $0.00DR

principal.

14/09/2006 Interest (06/06/2006 to 14/09/2006 inclusive) 101 Nil $37,569.70CR $37,569.70CR $0.00DR

$37,569.70CR × 0% × 101 days = $0.00.

15/09/2006 Cheque No. 394297. Payment applied entirely to $684.75CR $38,254.45CR $38,254.45CR $0.00DR

principal.

21/02/2007 Interest (15/09/2006 to 21/02/2007 inclusive) 160 Nil $38,254.45CR $38,254.45CR $0.00DR

$38,254.45CR × 0% × 160 days = $0.00.

Final Balance 2149 $38,254.45CR $38,254.45CR $0.00DR