Sch 1Accrued credit charge

Schedule 1 — Accrued credit charge [s. 11] 1. This Schedule applies to a credit sale contract or a loan contract, where — (a) the whole or any part of the credit charge is a pre‑determined credit charge or an estimated credit charge; and (b) the whole of the amount financed was provided on the same day; and (c) the amount financed and the credit charge are payable by not more than 260 equal instalments at equal intervals, the first interval commencing on the date on which the amount financed was provided and the last interval ending not more than 5 years after that date; and (d) the period of each interval is 1 month or does not exceed 4 weeks. 2. Where this Schedule applies to a contract, the credit provider may, instead of accurately calculating the amount of the pre‑determined credit charge or estimated credit charge which has accrued due under the contract at a particular time, calculate the amount in accordance with the formula — C is the amount of the pre-determined credit charge or estimated credit charge; and E is the number of intervals between instalments (including a part of an interval as a whole interval) which has elapsed since the amount financed was provided under the contract; and T is the number of intervals between instalments (excluding a part of an interval) in the period of the contract. 3. For the purposes of this Schedule — (a) instalments shall be deemed to be equal if all the instalments except one are of the same amount and the difference between the amount of that one instalment and the amount of each of the other instalments is not more than $5 or 5% of the amount of each of the other instalments whichever is the greater; and (b) monthly intervals shall be deemed to be equal intervals; and (c) intervals shall be deemed to be equal if all the intervals except one are of the same length and the difference between the length of that one interval and the length of each of the other intervals is not more than 5% of the length of each of the other intervals.