50Monthly subsidy—average monthly interest

50 Monthly subsidy—average monthly interest

(1) Average monthly interest is the amount worked out in accordance with the following formula: Start formula Average monthly interest equals start fraction open bracket Monthly repayment times 300 close bracket minus Loan capital over 300 end fraction end formula

Note: The loan capital is worked out under section 51.

(2) The monthly repayment, for the formula in subsection (1), is the amount worked out in accordance with the formula: Start formula Monthly repayment equals Loan capital times open bracket start fraction Median interest rate over 1 minus open bracket 1 plus Median interest rate close bracket start superscript minus 300 end superscript end fraction close bracket end formula

Note 1: The loan capital is worked out under section 51.

Note 2: The median interest rate is worked out under section 53.