16For the purposes of subsection 23(4) of the Act, the portion of each non-interest finance charge that must be refunded or credited to the borrower is the amount calculated in accordance with the following formula:
P = C × [(N – M) ÷ N]
where
Pis the portion of the charge to be refunded or credited to the borrower;
Cis the amount of the charge;
Nis the length of the period between the time the charge was imposed and the scheduled end of the term of the credit agreement; and
Mis the length of the period between the time the charge was imposed and the time of the repayment.
16For the purposes of subsection 23(4) of the Act, the portion of each non-interest finance charge that must be refunded or credited to the borrower is the amount calculated in accordance with the following formula:
P = C × [(N – M) ÷ N]
where
Pis the portion of the charge to be refunded or credited to the borrower;
Cis the amount of the charge;
Nis the length of the period between the time the charge was imposed and the scheduled end of the term of the credit agreement; and
Mis the length of the period between the time the charge was imposed and the time of the repayment.