(1)  The maximum premium for a 3-month period that the Board may determine to be payable at any time in a year in respect of a heavy vehicle registered for such reduced period is the sum of the following amounts, rounded to the nearest 5 cents:

(a) the amount calculated in accordance with the following formula:

(b) 6% of the amount calculated under paragraph (a) .

(2)  The maximum premium for a 6-month period that the Board may determine to be payable at any time in a year for a vehicle is the sum of the following amounts, rounded to the nearest 5 cents:

(a) the amount calculated in accordance with the following formula:

(b) 3% of the amount calculated under paragraph (a) .

(3)  If a premium payable under this clause is not exactly divisible by 5, the remainder of that premium after dividing by 5 is to be –

(a) if the number of cents remaining is less than 2.5 but more than 0, rounded down to the nearest amount exactly divisible by 5; or

(b) if the number of cents remaining is 2.5 or more but less than 5, rounded up to the nearest amount exactly divisible by 5.