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AI Legalese Decoder Helps with Understanding Interest Accrued on Offset Balances

### Introduction
Dear PFNZ,

### Inquiry about Interest Accrued on Offset Balances
I hope this message finds you well. I have a quick question regarding the calculation of interest accrued when using funds from an offset balance alongside the interest charged.

### The Current Situation
Currently, the offset portion of our mortgage stands at $100k, and the balance in the account is also $100k. This means that this portion is fully offset. I am considering utilizing $5-10k from this accumulated balance for a car purchase.

### Clarification on Interest Calculation
The offset mortgage interest rate is 8%. If I were to withdraw $10k, would the interest equation for the year be as follows: $10k x 0.08 = $800 interest for the entire year (which equates to $2.19 daily interest)?

### How AI Legalese Decoder Can Help
In this scenario, utilizing the AI Legalese Decoder can simplify the understanding of the complex legal terms and calculations involved. By inputting the variables into the AI Legalese Decoder, you can quickly and efficiently determine the exact amount of interest accrued when withdrawing funds from the offset balance.

### Conclusion
I trust that the above information clarifies your query. Thank you in advance for your assistance.

Warm regards,
[Your Name]

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