Calculation of amount outstanding under financial supplement contract before 1 June in the year after the year in which the contract was made
1061ZZCG Calculation of amount outstanding under financial supplement contract before 1 June in the year after the year in which the contract was made
The amount outstanding under a financial supplement contract at a time (the test time) before 1 June in the year immediately after the year in which the contract was made is the amount worked out using the formula:
Start formula Principal sum minus open bracket Amounts repaid plus Discounts close bracket end formula
For the purpose of applying the formula in subsection (1) at the test time:
amounts repaid means the total of the amounts repaid under the contract before the test time.
discounts means the total of the discounts to which the person became entitled before the test time.
principal sum means the principal sum at the test time.
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