uat Calculator Admin
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Flash 2009
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> Split Loan Global Settings
<calculator> <vos> <common> <!--umptionText type="cdata"><![CDATA[<p><b><font size="+1">Calculator Information</font></b></p><p>The Split Loan Calculator calculates the total interest amount under a variable interest rate for the full loan term compared the same loan having a fixed rate proportion (entered by user) at the start, with the fixed rate and term entered by the user. The calculation is done at the repayment frequency entered (monthly, fortnightly or weekly), in respect of the original loan parameters entered, namely amount, annual variable rate and total term in years.</p><br /><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. However the calculator uses the unrounded repayment to derive the amount of interest payable at points along the graph and in total over the full term of the loan. This assumption allows for a smooth graph and equal repayment amounts. 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>Amount of Each Repayment after Expiry of Fixed Rate Period</b></p><p><br />The amount of the repayments at the start of the loan is determined based on the original loan term entered by the user. Similarly, the amount of the repayments to apply after the expiry of the fixed rate period is determined based on the remainder of the original loan term after deduction of the length of the fixed rate period. For example, if the entered values are original loan term 25 years and fixed rate period 3 years, then the remainder of the original loan term at the expiry of the fixed rate period is 22 years. This assumption may result in different amounts of total interest under the scenario of a combination of fixed and variable rates compared to the scenario of a variable rate only, even if the fixed rate entered is set equal to the variable rate.</p><br /><p><b>Amount of Interest</b></p><p><br />The calculation of the amounts of interest under the two scenarios is rounded to the nearer dollar.</p>]]></AssumptionText>--> <AssumptionText type="cdata"><![CDATA[ <p><b><font size="+1">Calculator Information</font></b></p> <p>The Split Loan Calculator calculates the total interest amount under a variable interest rate for the full loan term compared the same loan having a fixed rate proportion (entered by user) at the start, with the fixed rate and term entered by the user. The calculation is done at the repayment frequency entered (monthly, fortnightly or weekly), in respect of the original loan parameters entered, namely amount, annual variable rate and total term in years.</p> <p>Calculations do not take into account any possible fees or government grants.</p> <p>Using the calculator does not guarantee you will be eligible for a loan. You will need to satisfy a lender’s loan criteria.</p> <p>The interest rates do not change over the term of the loan apart from at the expiry of the fixed rate period.</p> <p>Interest is calculated by compounding on the same repayment frequency selected, i.e. weekly, fortnightly, monthly, In practice, the interest compounding frequency may not be the same as repayment frequency.</p> <p>The interest rate input in the loan section of the calculator is a nominal interest rate per annum. The interest applied over each repayment period has been calculated as the nominal interest rate divided by the number of deposit periods.</p> <br /> <p><b><font size="+1">Calculator Assumptions</font></b></p> <p><b>Length of Month</b></p> <p>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><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>In practice, repayments are rounded to at least the nearer cent. However the calculator uses the unrounded repayment to derive the amount of interest payable at points along the graph and in total over the full term of the loan. This assumption allows for a smooth graph and equal repayment amounts. 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>Amount of Each Repayment after Expiry of Fixed Rate Period</b></p> <p>The amount of the repayments at the start of the loan is determined based on the original loan term entered by the user. Similarly, the amount of the repayments to apply after the expiry of the fixed rate period is determined based on the remainder of the original loan term after deduction of the length of the fixed rate period. For example, if the entered values are original loan term 25 years and fixed rate period 3 years, then the remainder of the original loan term at the expiry of the fixed rate period is 22 years. This assumption may result in different amounts of total interest under the scenario of a combination of fixed and variable rates compared to the scenario of a variable rate only.</p>]]></AssumptionText> </common> <splitLoan> <TotalInterestForm label="Total interest1" /> <LoanAmount type="num" default="300000" min="30000" max="10000000" step="1000" /> <LoanTerm type="num" default="25" min="3" max="40" /> <InterestRate type="num" default="6.25" max="20" /> <Repayments type="list">Monthly,Fortnightly,Weekly</Repayments> <FixedPortion type="num" default="50" max="100" /> <FixedPeriod type="num" default="5" max="10" /> <FixedRate type="num" default="7.5" max="20" /> </splitLoan> </vos> <TotalInterestForm label="Total interest1" /> </calculator>
