1. The maximum rate of interest shall be one new halfpenny per month for every twenty-five new pence of the loan.
2. For the purposes of paragraph 1 -
(a) where the term of the loan is less than one month, it shall be reckoned as one month,
(b) where the term of the loan is more than one month but is not an even multiple of one month, the odd fraction of a month shall, if it exceeds seven days, be reckoned as one month; if it does not exceed seven days, it shall be disregarded,
(c) where the loan is less than twenty-five new pence, it shall be reckoned as twenty-five new pence,
(d) where the loan is not an even multiple of twenty-five new pence, the odd fraction of twenty-five new pence shall be disregarded.