The Laws of Fiji
Search
Last Updated: 1 December 2016
AN ACT TO MAKE PROVISION FOR THE CONTROL OF MONEYLENDING
[MOL Sch 3] SCHEDULE 3 (Section 24)FORMULA FOR INTEREST
[Sch 3 am Ordinance 7 of 1966 s 27, effective 24 February 1966]
Formula to be used to find the rate per cent per annum where no rate is stated and repayment is to be made by equal installments at equal intervals of time—
100 x 1 x 24
(N + I) x P x L
Where I = Total interest repayable.
N = Number of instalments.
P = Principal.
L = Number of calendar months in the intervals between instalments.