updated 14 July 2008, 20.35hrs. Menu (Link) bottom of the page: READY RECKONER [Compound Interest Rate to Simple Interest Rate]
VIEW Documents VIEW Jan 2008 COURT DECISION Confirming the Compounding Monthly
Breif features of this case:
1. The question before Justice Bowman on 18th June 2007 was to decide if there is a case at all in my submission to proceed further with hearings or not? This is the meaning of Section 75 application.
2. Justice Bowman heard the counsel for NAB for 25 minutes and then my arguments to continue the hearing for 50 minutes. On 20th June 2007 he allowed me to submit for 40 minutes against CBA on behalf of my (so called) friend Mr Rao who claimed not knowing much in law but immediately after 20th June 07 he told me that he believed Justice Bowman would ‘club both cases’ and give his judgment, a point I never came across before and ignored that day, but that is what Justice Bowman did!!!.
3. At the end of (both days of) my submissions, he ‘reserved the judgment’. No further contacts or communication until 23rd January 2008 when he decided to dismiss my case not to continue the hearing further, on the only grounds that the loan agreement showed the ‘total amount repayable over the term of loan’. Please read below…..
The following Table shows the Interest Rate at which the Entire loan amount would still be outstanding.
Even after repaying ritually over the full term of loan, for a list of rate that existed at the time of borrowing. This is correct regardless of which country you are in or who is your lender or when you took the loan. This is because of COMPOUND INTEREST. If Simple interest is charged, You will FULLY repay the loan and interest regardless of the level of increase in the interest rate, but you may take a little longer than the period you signed your loan for.
1. On a 30 year Loan Term:
| Rate at the time of borrowing |
Rate at which ENTIRE LOAN will Remain unpaid after 30
years Compounding Monthly |
Compounding Quarterly | Compounding Half yearly | Compounding Annually | ||||||||
| Repayment made | Repayment made | Repayment made | Repayment made | |||||||||
| Weekly | Fortnighly | Monthly | Weekly | Fortnighly | Monthly | Weekly | Fortnighly | Monthly | Weekly | Fortnighly | Monthly | |
| 5.00% | 6.47000% | 6.46100% | 6.44500% | 6.50400% | 6.49600% | 6.48000% | 6.55700% | 6.54900% | 6.53300% | 6.66600% | 6.65800% | 6.64200% |
| 5.50% | 6.84300% | 6.83400% | 6.81700% | 6.88200% | 6.87300% | 6.85600% | 6.94200% | 6.93300% | 6.91500% | 7.06400% | 7.05500% | 7.03700% |
| 6.00% | 7.22600% | 7.21700% | 7.19800% | 7.27000% | 7.26100% | 7.24100% | 7.33700% | 7.32700% | 7.30700% | 7.47400% | 7.46400% | 7.44300% |
| 6.50% | 7.61900% | 7.60900% | 7.58800% | 7.66800% | 7.65800% | 7.63600% | 7.74200% | 7.73200% | 7.71000% | 7.89500% | 7.88500% | 7.86100% |
| 7.00% | 8.02100% | 8.01000% | 7.98600% | 8.07500% | 8.06400% | 8.04000% | 8.15700% | 8.14600% | 8.12200% | 8.32700% | 8.31600% | 8.29000% |
| 7.50% | 8.43100% | 8.42000% | 8.39300% | 8.49100% | 8.47900% | 8.45200% | 8.58200% | 8.57000% | 8.54200% | 8.77000% | 8.75700% | 8.72900% |
| 8.00% | 8.84900% | 8.83600% | 8.80700% | 8.91500% | 8.90200% | 8.87200% | 9.01500% | 9.00200% | 8.97200% | 9.22300% | 9.21000% | 9.17800% |
| 8.50% | 9.27400% | 9.26100% | 9.22900% | 9.34700% | 9.33300% | 9.30100% | 9.45700% | 9.44300% | 9.41000% | 9.68600% | 9.67100% | 9.63600% |
| 9.00% | 9.70700% | 9.69200% | 9.65700% | 9.78600% | 9.77100% | 9.73500% | 9.90700% | 9.89200% | 9.85500% | 10.15900% | 10.14300% | 10.10500% |
| 9.50% | 10.14500% | 10.13000% | 10.09200% | 10.23200% | 10.21600% | 10.17700% | 10.36400% | 10.34800% | 10.30800% | 10.64000% | 10.62300% | 10.58100% |
| 10.00% | 10.59000% | 10.57300% | 10.53200% | 10.68500% | 10.66700% | 10.62500% | 10.82900% | 10.81100% | 10.76900% | 11.13100% | 11.11200% | 11.06600% |
| 10.50% | 11.04100% | 11.02200% | 10.97800% | 11.14300% | 11.12500% | 11.07900% | 11.63000% | 11.61000% | 11.56000% | 11.63000% | 11.61000% | 11.56000% |
| 11.00% | 11.49700% | 11.47700% | 11.42900% | 11.60800% | 11.58800% | 11.53800% | 11.77800% | 11.75800% | 11.70700% | 12.13600% | 12.11400% | 12.06100% |
1. On a 25 year Loan Term:
| Rate at the time of borrowing |
Rate at which ENTIRE LOAN will Remain unpaid after 25
years Compounding Monthly |
Compounding Quarterly | Compounding Half yearly | Compounding Annually | ||||||||
| Repayment made | Repayment made | Repayment made | Repayment made | |||||||||
| Weekly | Fortnighly | Monthly | Weekly | Fortnighly | Monthly | Weekly | Fortnighly | Monthly | Weekly | Fortnighly | Monthly | |
| 5.00% | 7.04400% | 7.03300% | 7.01300% | 7.08500% | 7.07500% | 7.05400% | 7.14900% | 7.13800% | 7.11700% | 7.27900% | 7.26800% | 7.24600% |
| 5.50% | 7.40000% | 7.38900% | 7.36700% | 7.44600% | 7.43500% | 7.41200% | 7.51600% | 7.50500% | 7.48100% | 7.66000% | 7.64800% | 7.62400% |
| 6.00% | 7.76500% | 7.75300% | 7.72900% | 7.81600% | 7.80400% | 7.77900% | 7.89300% | 7.88100% | 7.85600% | 8.05200% | 8.03900% | 8.01300% |
| 6.50% | 8.13900% | 8.12600% | 8.10000% | 8.19400% | 8.18200% | 8.15500% | 8.27900% | 8.26600% | 8.23900% | 8.45400% | 8.44100% | 8.41200% |
| 7.00% | 8.52100% | 8.50700% | 8.47900% | 8.58200% | 8.56800% | 8.53900% | 8.67500% | 8.66100% | 8.63100% | 8.86700% | 8.85200% | 8.82200% |
| 7.50% | 8.91000% | 8.89600% | 8.86500% | 8.97700% | 8.96200% | 8.93100% | 9.07900% | 9.06400% | 9.03200% | 9.29000% | 9.27400% | 9.24100% |
| 8.00% | 9.30700% | 9.29200% | 9.25900% | 9.38000% | 9.36500% | 9.33100% | 9.49100% | 9.47600% | 9.44100% | 9.72200% | 9.70600% | 9.67000% |
| 8.50% | 9.71200% | 9.69600% | 9.66000% | 9.79100% | 9.77400% | 9.73800% | 9.91200% | 9.89500% | 9.85800% | 10.16400% | 10.14700% | 10.10800% |
| 9.00% | 10.12300% | 10.10600% | 10.06800% | 10.20900% | 10.19200% | 10.15300% | 10.34100% | 10.32300% | 10.28300% | 10.61600% | 10.59700% | 10.55500% |
| 9.50% | 10.54000% | 10.52200% | 10.48100% | 10.63400% | 10.61600% | 10.57400% | 10.77700% | 10.75800% | 10.71500% | 11.07600% | 11.05600% | 11.01100% |
| 10.00% | 10.96400% | 10.94500% | 10.90100% | 11.06600% | 11.04600% | 11.00100% | 11.22100% | 11.20100% | 11.15500% | 11.54500% | 11.52400% | 11.47500% |
| 10.50% | 11.39400% | 11.37400% | 11.32800% | 11.50400% | 11.39400% | 11.43500% | 11.67200% | 11.65000% | 11.60100% | 12.02300% | 12.00000% | 11.94800% |
| 11.00% | 11.83000% | 11.80900% | 11.75800% | 11.94800% | 11.92600% | 11.87500% | 12.12900% | 12.10700% | 12.05400% | 12.50900% | 12.48500% | 12.42800% |
1. On a 20 year Loan Term:
| Rate at the time of borrowing |
Rate at which ENTIRE LOAN will Remain unpaid after 20
years Compounding Monthly |
Compounding Quarterly | Compounding Half yearly | Compounding Annually | ||||||||
| Repayment made | Repayment made | Repayment made | Repayment made | |||||||||
| Weekly | Fortnighly | Monthly | Weekly | Fortnighly | Monthly | Weekly | Fortnighly | Monthly | Weekly | Fortnighly | Monthly | |
| 5.00% | 7.95400% | 7.94200% | 7.91700% | 8.00600% | 7.99500% | 7.97000% | 8.08700% | 8.07600% | 8.05000% | 8.25400% | 8.24300% | 8.21500% |
| 5.50% | 8.29000% | 8.27900% | 8.25200% | 8.34800% | 8.33700% | 8.31000% | 8.43600% | 8.42400% | 8.39700% | 8.61800% | 8.60600% | 8.57700% |
| 6.00% | 8.63500% | 8.62300% | 8.59500% | 8.69800% | 8.68600% | 8.65700% | 8.79400% | 8.78100% | 8.75200% | 8.99100% | 8.97800% | 8.94700% |
| 6.50% | 8.98700% | 8.97500% | 8.94500% | 9.05500% | 9.04200% | 9.01200% | 9.15900% | 9.14600% | 9.11400% | 9.37400% | 9.36000% | 9.32700% |
| 7.00% | 9.34700% | 9.33300% | 9.30100% | 9.42000% | 9.40700% | 9.37400% | 9.53200% | 9.51800% | 9.48500% | 9.76500% | 9.75100% | 9.71600% |
| 7.50% | 9.71300% | 9.69900% | 9.66500% | 9.79200% | 9.77800% | 9.74300% | 9.91400% | 9.89900% | 9.86300% | 10.16600% | 10.15000% | 10.11300% |
| 8.00% | 10.08600% | 10.07100% | 10.03500% | 10.17200% | 10.15600% | 10.12000% | 10.30300% | 10.28700% | 10.24900% | 10.57500% | 10.55900% | 10.51900% |
| 8.50% | 10.46600% | 10.45000% | 10.41200% | 10.55800% | 10.54200% | 10.50300% | 10.69900% | 10.68300% | 10.64200% | 10.99400% | 10.97600% | 10.93300% |
| 9.00% | 10.85200% | 10.83500% | 10.79400% | 10.95100% | 10.89200% | 11.10300% | 11.08600% | 11.04200% | 11.04300% | 11.42000% | 11.40200% | 11.35600% |
| 9.50% | 11.24500% | 11.22700% | 11.18300% | 11.35100% | 11.33300% | 11.18300% | 11.51400% | 11.49600% | 11.45000% | 11.85600% | 11.83600% | 11.78800% |
| 10.00% | 11.64300% | 11.62400% | 11.57800% | 11.75700% | 11.73800% | 11.69100% | 11.93200% | 11.91300% | 11.86400% | 12.30000% | 12.27900% | 12.22700% |
| 10.50% | 12.04700% | 12.02800% | 11.97800% | 12.17000% | 12.15000% | 12.09900% | 12.35700% | 12.28500% | 12.28500% | 12.75200% | 12.73000% | 12.67400% |
| 11.00% | 12.45700% | 12.43600% | 12.38400% | 12.58800% | 12.56700% | 12.51300% | 12.78900% | 12.76700% | 12.71200% | 13.21200% | 13.18800% | 13.12900% |
Menu (Link): XL Downloadspage What I Did What Westpac Bank did What you can do Solution