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<calculator> <vos> <common> <ProductFeed value="true" visible="false" /> <ProductFeedURL value="https://www.infochoice.com.au/ich/handler/reportHandler?reportId=422&reportView=ProductList&reportOutput=Xml&skinId=1" /> <!-- <AssumptionText type="cdata"><![CDATA[ <p><b><font size="+1"> Calculator Information</font></b></p> <p> The Lump Sum Calculator gives an indication of the time you could save to pay off the loan and the amount of interest you could save if a single additional lump sum repayment is made, equal to the entered amount of additional lump sum repayment after the loan has been in force for the entered number of years, in addition to continuing the regular repayments. The calculation is done at the repayment frequency entered, in respect of the original loan parameters entered, namely amount, annual interest rate and term in years.</p> <div class="ic-hrline"> </div> <p><b><font size="+1">Calculator Assumptions</font></b></p> <strong>Length of Month</strong><br /> <p> All months are assumed to be of equal length. In reality, many loans accrue interest on a daily basis which means monthly interest charges may vary depending on the number of days in the particular month.</p> <strong>Number of Weeks & Fortnights in a Year</strong> <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> <strong>Rounding of Amount of Each Repayment</strong> <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> <strong>Rounding of Time You Could Save</strong> <p> The time you could save is presented as a number of years and months, for all available repayment frequency options, namely monthly, fortnightly & weekly. This is rounded down to the next lower month and hence is slightly conservative.</p> <strong>Amount of Interest You Could Save</strong> <p> In contrast to the calculation of time you could save, the calculation of the amount of interest you could save is not rounded and is shown to full accuracy including the number of cents. This amount can only be approximated from the amount of time you could save.</p> <strong>Interest Rate</strong> <p> The interest rate used in this calculation is the ING Orange Advantage Rate for investment purposes (which is a variable interest rate based on principal & interest repayments) and may change at any time without notice.</p> ]]></AssumptionText>--> </common> <lumpSum> <LoanAmount type="num" default="300000" min="40000" max="3000000" step="1000" /> <LoanAmountRanges value="0,1000000,2000000,5000000" /> <LoanAmountValues value="10000,50000,200000" /> <LoanAmountInputMax value="5000000" /> <LoanTerm type="num" default="25" min="5" max="30" /> <InterestRate type="num" default="5.42" max="20" /> </lumpSum> </vos> <components> <InterestSavedForm label="Interest you <br>could save" /> <TimeSavedForm label="Time you <br>could save" /> <ShowPoweredByInfochoice value="false" /> <ShowInfochoiceLogoOutsideIframe value="true" /> </components> </calculator>
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