Maximum Refundable Accommodation Deposit (RAD) $475,000
Interest Rate Per Annum                                                        4.91%

Hence the formula for calculating the daily accommodation payment (DAP) is calculated by deducting the amount the resident wishes to pay less the maximum RAD ($475,000) and multiplying this amount by 4.91% then dividing by 365. This figure calculates the daily payment amount or DAP.

Examples:

1. Paid $475,000 then interest payable per day is $0
2. Paid $0 then interest payable per day is $63.90
   ie. Interest is payable on the full amount 475,000 x .0491 / 365 = $63.90
3. Paid $300,000 then interest per day is $23.54
   ie. Interest is payable on 175,000 x .0491 / 365 = $23.54
4. Paid $150,000 then interest per day is $43.72
   ie. Interest is payable on 325,000 x .0491 / 365 = $43.72