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<calculator> <vos> <common> <ShowStampDutyAssumption value="true" /> <AssumptionText type="cdata"><![CDATA[ <p><b><font size="+1">Calculator Information</font></b></p> <p>The Principal and Interest Calculator provides a schedule of your monthly repayments and shows you what portion goes towards interest and what portion goes toward paying off the principal amount borrowed.<br /><br /> Once finished you can keep a permanent record by printing each page of the schedule. You will also be able to save the whole schedule to your computer by clicking on the save icon.</p> <p><b><font size="+1">Calculator Assumptions</font></b></p><p><b>Length of Month</b></p><p><br />All months are assumed to be of equal length. In reality, many loans accrue on a daily basis leading to a varying number of days' interest dependent on the number of days in the particular month.<br /></p> <p><b>Number of Weeks & Fortnights in a Year</b></p><br /><p>One year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.</p><br /> <p><b>Rounding of Amount of Each Repayment</b></p><p><br />In practice, repayments are rounded to at least the nearer cent. Note that the final repayment after the increase in repayment amount will be a partial repayment as required to reduce the loan balance to zero.</p><br /> <p><b>Interest rate for loan repayment</b></p><p><br />Monthly repayment is calculated in respect of the rounded loan amount and using interest rate entered, not including any interest rate buffer.</p> ]]></AssumptionText> </common> <amortisation> <!--commented on 18-05-2022 <InterestRate type="num" default="4.50" max="20" min="0" step="0.25" />--> <InterestRate type="num" default="4.10" max="20" min="0" step="0.25" /> </amortisation> </vos> </calculator>
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