SCHEDULE A
Determination of the Interest Component of Monthly Payments
The day on which a monthly installment referred to in section 6 of this Mortgage is actually made is
"referred to as a ""Payment Date"". The interest component of any such monthly installment which is "
"made on a particular Payment Date (the ""Current Payment Date"") may be calculated as follows:"
(a) determine the number of calendar days between the immediately preceding Payment Date and
the Current Payment Date) excluding the preceding Payment Date and including the Current
Payment Date:
b) multiply the principal amount owing under the mortgage (after the payment made on the
immediately preceding Payment Date) by the Loan Rate in effect on such Payment Date and
multiply the result by the number of days determined in accordance with sub-clause (i); and
(c) divide the result obtained in sub-clause (ii) by the number of days in the year.
(To calculate the interest component of the monthly installment made on the first Payment Date
"multiply the principal sum by the Loan Rate in effect on the date of this Mortgage, multiply the "
result by the number of calendar days between the date the principal sum is advanced and the first
Payment Date (excluding the date of such advance and including the first Payment Date and
then divide that result by the number of days in the year).
"FOR EXAMPLE, if an installment payment under this Mortgage was made on July 15, 1979 "
"(the immediately preceding Payment Date), and the principal owing after that payment was $10,000 "
"and the Loan Rate on July 15, 1979 was 12% per annum calculated monthly then, in the case of an "
"installment made on August 15, 1979:"
"(a) the period over which interest is payable would be from July 15, 1979 to August 15, 1979"
a period of 31 days; and
"(b) the interest components of the installment paid on August 15, 1979 would be calculated by"
"multiplying $10,000 by the Loan Rate of 12%, multiply the result by 31 days and dividing the result by"
"365 days, being an amount of $101.92."
In the event that the Loan Rate changes once between the immediately proceding Payment Date a
"and the Current Payment Date, two calculations are required, the first for the period from the"
immediately preceding Payment Date to and including the effective date of the change in the Loan
"Rate, and the second for the period from that date to and including the Current Payment Date. "
Additional similar calculations would be made if more than one change in the Loan Rate occurs
between the two Payment Dates.
"For convenience, the following table sets out, for various Loan Rates, a daily ""Interest Factor"" which "
"indicates the amount of interest (in dollars) payable per day for each $1,000 of principal owing under "
this Mortgage.To determine the interest component of a payment to be made on a particular
"Payment Date, just divide the principal amount owing following the last payment by $1,000 multiply "
the result by the appropriate interest factor and then multiply that result by the number of days
since the last payment
Interest Rate Equivalent* Daily Dollar Interest Rate Equivalent* Daily Dollar
Calculated Interest Rate Interest Calculated Interest Rate Interest
Monthly Calculated Factory Per Monthly Calculated Factor Per
Not Half-Yearly $1000 of Not Half-Yearly $1000 of
In Advance Not In Advance Principal In Advance Not In Advance Principal
% % $ % % $
3 3.0188 0.08219 6 6.0755 0.16438
3.125 3.1454 0.08562 6.125 6.2037 0.16781
3.25 3.2721 0.08904 6.25 6.3319 0.17123
3.375 3.3988 0.09247 6.375 6.4603 0.17466
3.5 3.5256 0.09589 6.5 6.5887 0.17808
3.625 3.6525 0.09932 6.625 6.7171 0.18151
3.75 3.7794 0.10274 6.75 6.8456 0.18493
3.875 3.9064 0.10616 6.87 6.9742 0.18836
4 4.0335 0.10959 7 7.1029 0.19178
4.125 4.1606 0.11301 7.125 7.2316 0.19521
4.25 4.2878 0.11644 7.25 7.3604 0.19863
4.375 4.4151 0.11986 7.375 7.4892 0.20205
4.5 4.5424 0.12329 7.5 7.6182 0.20548
4.625 4.6698 0.12671 7.625 7.7472 0.2089
4.75 4.7973 0.13014 7.75 7.8762 0.21233
4.875 4.9248 0.13356 7.875 8.0053 0.21575
5 5.0524 0.13699 8 8.1345 0.21918
5.125 5.18 0.14014 8.125 8.2638 0.2226
5.25 5.3078 0.14384 8.25 8.3931 0.22603
5.375 5.4355 0.14726 8.372 8.5225 0.22945
5.5 5.5634 0.15068 8.5 8.6519 0.23288
Interest Rate Equivalent Daily Dollar Interest Rate Equivalent* Daily Dollar
Calculated Interest Rate Interest Calculated Interest Rate Interest
Monthly Calculated Factory Per Monthly Calculated Factor Per
Not Half-Yearly $1000 of Not Half-Yearly $1000 of
In Advance Not In Advance Principal In Advance Not In Advance Principal
% % $ % % $
5.625 5.6913 0.15411 8.625 8.8715 0.2363
5.75 5.8193 0.15753 8.75 8.9111 0.23972
5.875 5.9474 0.16096 8.875 9.0407 0.24315
9 9.1704 0.24658 9.375 9.56 0.25685
9.125 9.3002 0.25 9.5 9.69 0.26027
9.25 9.4301 0.25342 9.625 9.8201 0.2637
9.75 9.9502 0.26712 17.5 18.1506 0.47945
9.875 10.0804 0.27055 17.625 18.285 0.48288
10 10.2107 0.27397 17.75 18.4195 0.4863
10.125 10.3414 0.2774 17.875 18.554 0.48973
10.25 10.4714 0.28082 18 18.6887 0.49315
10.375 10.6019 0.28425 18.125 18.8234 0.49656
10.5 10.7324 0.28767 18.25 18.9581 0.5
10.625 10.863 0.2911 18.375 19.093 0.50343
10.75 10.9937 0.29452 18.5 19.2279 0.50685
10.875 11.1244 0.29795 18.625 19.3628 0.51027
11 11.2552 0.30137 18.75 19.4979 0.5137
11.125 11.3861 0.3048 18.875 19.633 0.51712
11.25 11.517 0.30822 19 19.7682 0.52055
11.375 11.648 0.31164 19.125 19.9034 0.52397
11.5 11.7791 0.31507 19.25 20.0387 0.5274
11.625 11.9102 0.31849 19.375 20.1741 0.53082
1.75 12.0414 0.32192 19.5 20.3096 0.53425
11.875 12.1727 0.32534 19.625 20.4451 0.53767
12 12.304 0.32877 19.75 20.5807 0.5411
12.125 12.4354 0.33219 19.875 20.7164 0.54452
12.25 12.5669 0.33562 20 20.8521 0.54795
12.375 12.6985 0.33904 20.125 20.9879 0.55137
12.5 12.8301 0.34247 20.25 21.1238 0.5548
12.625 12.9618 0.34589 20.375 21.2597 0.55822
12.75 13.0935 0.34932 20.5 21.3957 0.56164
12.875 13.2253 0.35274 20.625 21.5318 0.56507
13 13.3572 0.35616 20.75 21.668 0.56849
12.125 13.4892 0.35959 20.875 21.8042 0.57192
13.25 13.6212 0.36301 21 21.9405 0.57534
13.375 13.7533 0.36644 21.125 22.0768 0.57877
13.5 13.8854 0.36986 21.25 22.2133 0.58219
13.625 14.0177 0.37329 21.375 22.3498 0.58562
13.75 14.15 0.37671 21.5 22.4863 0.58904
13.875 14.2823 0.38014 21.625 22.623 0.59247
14 14.4147 0.38356 21.75 22.7597 0.5959
14.125 14.5472 0.38699 21.875 22.8965 0.59932
14.25 14.6798 0.39041 22 23.0333 0.60274
14.375 14.8124 0.39384 22.125 23.1702 0.60616
14.5 14.9451 0.39726 22.25 23.3072 0.60959
14.625 15.0779 0.40069 22.375 23.4443 0.61301
14.75 15.2108 0.40411 22.5 23.5814 0.61644
14.875 15.3437 0.40753 22.625 23.7186 0.61986
15 15.4766 0.41096 22.75 23.8559 0.62329
15.125 15.6097 0.41438 22.875 23.9932 6.62671
15.25 15.7428 0.41781 23 24.1307 0.63014
15.375 15.876 0.42123 23.125 24.2681 0.63356
15.5 16.0092 0.42469 23.25 24.4057 0.63699
15.625 16.1425 0.42808 23.375 24.5433 0.64041
15.75 16.2759 0.43151 23.5 24.681 0.64384
15.875 16.4094 0.43493 23.625 24.8188 0.64726
16 16.5429 0.43836 23.75 24.9566 0.65069
16.125 16.6765 0.44178 23.875 25.0945 0.65411
16.25 16.8102 0.44521 24 25.2325 0.65753
16.375 16.9439 0.44863 21.115 25.3705 0.66096
16.5 17.0778 0.45206 24.25 25.5087 0.66438
Interest Rate Equivalent* Daily Dollar Interest Rate Equivalent* Daily Dollar
Calculated Interest Rate Interest Calculated Interest Rate Interest
Monthly Calculated Factory Per Monthly Calculated Factor Per
Not Half-Yearly $1000 of Not Half-Yearly $1000 of
In Advance Not In Advance Principal In Advance Not In Advance Principal
% % $ % % $
16.625 17.2116 0.45548 24.375 25.6468 0.66781
16.75 17.3455 0.4589 24.5 25.7851 0.67123
16.875 17.4795 0.46233 24.625 25.9234 0.67466
17 17.6136 0.46575 24.75 26.0618 0.67808
17.125 17.7477 0.46918 24.875 26.2003 0.68151
17.25 17.8819 0.4726 25 26.3388 0.68493
17.375 18.0162 0.47603
"* The Equivalent Interest Rate quoted half-yearly, not in advance, is provided for information "
purposes only. It is that rate of interest calculated half-yearly and not in advance which is equivalent
to the adjacent Interest Rate which is calculated monthly and not in advance.
D.
"Using the foregoing table, assume that the Loan Amount outstanding after the payment made on "
"the immediately proceeding Payment Date was $10,00.00, that the Interest Rate on that date was "
12.0% (and did not change) and that there were 31 days between the two Payment Dates.
To calculate the interest component of the installment being made on the Current Payment Date
multiply:
Loan Amount Outstanding Daily Interest Factor Number of Days
After Last Payment Per $1000 of Principal Between Payment Dates
Made x x
"$10,000 " x 0.32877 x 31 =$101.92
"$1,000 "
"Therefore, the interest component of the payment is $101.92."