Assumptions

• Fees (upfront or ongoing) are not included.
• The interest rate remains constant throughout the loan term.
• Interest is compounded at the same frequency as the selected repayment frequency.
• A year is assumed to have 26 fortnights or 52 weeks (364 days).
• Calculations are not rounded during the process, although repayments are typically rounded to the nearest cent in practice.
• The final repayment is adjusted as a partial amount to reduce the loan balance to zero without creating a negative owing amount.