23Amount of instalment

23 Amount of instalment

(1) The amount of an instalment of Australian apprenticeship support loan that is to be paid in relation to an instalment period of a person is worked out by dividing: (a) the yearly rate determined under subsection 16(4) for the instalment period; by (b) the divisor specified in the table in subsection 10(3) for the instalment period duration.

Note: For example, if instalment periods are a month, the divisor is 12.

(2) The amount of an instalment worked out under subsection (1) is reduced as necessary to ensure that Australian apprenticeship support loan totalling more than the lifetime limit is not to be paid to a person. (3) If the amount of an instalment would be: (a) one or more whole dollars and a part of a cent; or (b) one or more whole dollars and cents and a part of a cent; the amount is to be increased or decreased (increased, in the case of half a cent) to the nearest whole cent. (4) If, apart from this subsection, the amount of an instalment would be less than $1.00, the amount is to be increased to $1.00.