Document ID: chunk:federal_register_of_legislation:C2025C00162:section:1061zzcm
Version: federal_register_of_legislation:C2025C00162
Segment Type: section
Provision Reference: s 1061ZZCM
Character Range: 1564093–1564811

1061ZZCM  How to work out discount
 (1) If, during the contract period, a person makes a repayment of an amount that is less than the amount outstanding, the person is entitled, in respect of the repayment, to a discount of an amount worked out using the formula:

 (2) If, during the contract period, a person makes a repayment of an amount that is equal to the amount outstanding, the person is entitled, in respect of the repayment, to a discount of an amount worked out using the formula:

 (3) If, apart from this subsection, an amount worked out under subsection (1) or (2) would be an amount of dollars and cents, the amount is to be rounded to the nearest number of whole dollars (rounding 50 cents upwards).