In force1985 Revised EditionCurrent version · 1985 Revised EditionSee versions on Singapore Statutes Online(opens the publisher’s site)
27. Calculation of interest
Feedback & supportWhere the interest charged on a loan is not expressed in terms of a rate per cent per annum, the rate of interest per cent per annum charged on the loan shall be calculated in accordance with the Second Schedule or, where the contract provides for the payment of equal instalments of principal and interest at equal intervals of time, in accordance with the formula given in the Third Schedule.
principal
Defined · s 2
“principal”, in relation to a loan, means the amount actually lent to and received by the borrower;