How to work out discount
1061ZZCM How to work out discount
If, during the contract period, a person makes a repayment of an amount that is less than the amount outstanding, the person is entitled, in respect of the repayment, to a discount of an amount worked out using the formula:
Start formula open bracket Amount repaid times start fraction 100 over 85 end fraction close bracket minus Amount repaid end formula
If, during the contract period, a person makes a repayment of an amount that is equal to the amount outstanding, the person is entitled, in respect of the repayment, to a discount of an amount worked out using the formula:
Start formula open bracket Amount repaid times start fraction 115 over 100 end fraction close bracket minus Amount repaid end formula
If, apart from this subsection, an amount worked out under subsection (1) or (2) would be an amount of dollars and cents, the amount is to be rounded to the nearest number of whole dollars (rounding 50 cents upwards).
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