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  • How is interest calculated?

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    Interest is generally calculated as follows:

    number of days
           365*

    X

    amount of payment

    X

    interest rate for period
                100

    *366 for a leap year

    Last modified: 04 Mar 2016QC 27257