Figuring the Finance Charge Sample Clauses

The "Figuring the Finance Charge" clause defines how the total cost of borrowing, known as the finance charge, is calculated for a loan or credit agreement. This typically involves specifying which fees, interest rates, and other costs are included in the finance charge, and may outline the method or formula used to determine the final amount. By clearly detailing what constitutes the finance charge, this clause ensures transparency for borrowers and helps prevent misunderstandings or disputes over the true cost of credit.
Figuring the Finance Charge. The FINANCE CHARGE (interest) is calculated at the periodic rate of 0.95833% per month, which is an ANNUAL PERCENTAGE RATE of 11.50%.
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Figuring the Finance Charge. The Finance Charge is figured by applying a Daily Periodic Rate (DPR) to the average daily balances of Purchases and Cash Advances. The Average Periodic Rate is determined by dividing the ANNUAL PERCENTAGE RATE (APR) by 365. The Daily Periodic Rate and ANNUAL PERCENTAGE RATE used to calculate the Finance Chargeare: APR 9.90%* DPR 0.02712%* The Credit Union, in its sole discretion, may change the ANNUAL PERCENTAGE RATE from time to time. Any change in the Finance Charge shall apply both to the outstanding balance and any new Purchase and Cash Advances. *The APR and DPR are the Credit Union’s A+ Rate. Your rate may vary based on individual creditworthiness and our underwriting standards. For members who do not meet the A+ rate requirements, 1% - 8.1% will be added to the APR, with a corresponding increase to the DPR as follows: Category You may consult with one of our Financial Services Representatives regarding the category assigned after evaluation of a completed application for our credit card services. Your APR will be set forth in each monthly statement.
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Figuring the Finance Charge. We compute the Finance Charge by multiplying these Average Daily Balances by the Daily Periodic Rate, and then we multiply the result by the number of days in the billing period. To determine the Daily Periodic Rate, we divide the Annual Percentage Rate in effect for the billing period by 365. The Daily Periodic Rate for Purchases is a Variable Rate. The way we get the Annual Percentage Rate and the Daily Periodic Rate for Purchases is described below under “Variable Rate”. The Daily Periodic Rate for Cash Advances is a Fixed Rate of .0493%, which is equivalent to an Annual Percentage Rate of 18.00%. As noted above, you may avoid paying the Finance Charge on Purchases if you pay the entire New Balance by the Payment Due Date; however, the Finance Charge on Purchases will otherwise accrue from the date of transaction. The Finance Charge on Cash Advances will accrue from the date of the Cash Advance.
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Figuring the Finance Charge. The FINANCE CHARGE (interest) is calculated at the periodic rate as low as .792% or as high as 1.500% per month, which is an ANNUAL PERCENTAGE RATE as low as 9.50% or as high as 18%. The Annual Percentage Rate may change as described in paragraph (c) below. The balance on which the Finance Charge is computed is as follows: The Finance Charge will be based upon an index. The index is the prime rate. The APR will be based on certain creditworthiness criteria. The credit union reserves the right, at any time, to reevaluate your credit score and adjust your rate accordingly. We will give you any notice of the adjustment required by law.
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Figuring the Finance Charge. The FINANCE CHARGE depends on your credit score as follows: 690+ calculated at the periodic rate of.999% per month, which is an Annual Percentage Rate of 11.99%; 640-689 at the periodic rate of 1.083% per month, which is an Annual Per- centage Rate of 12.99%; 610-639 calculated at the periodic rate of 1.333% per month, which is an Annual Percentage Rate of 15.99%; Below 610 calculated at the peri- odic rate of 1.416% per month, which is an Annual Percentage Rate of 16.99%. We will tell you in writing which rate applies to your Visa account upon approval of your Application. If your account is current for a period of twelve (12) consecutive months, you may request that we review your credit score. If your credit score is im- proved, we will adjust your rate accordingly. If your account is past due for more than sixty (60) days, your periodic rate will increase to 1.416% per month which is an Annual Percentage Rate of 16.99%.
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Figuring the Finance Charge. The Annual Percentage Rate will be based on the Index plus a Margin. The "Index" is the Prime Rate in effect on the first day of each calendar month as published in The Wall Street Journal (or on the next publication date if The Wall Street Journal is published on the 1st Tuesday of any month). Each date on which your interest rate could change is called a "Change Date." The Change Date shall be the fifth business day of each month. The Index in existence as of the fifth business day of the calendar month preceding the Change Date is called the "Current Index." Your annual percentage rate will be calculated by adding the Margin to the Current Index. The Finance Charge for a billing cycle is computed by applying the monthly Periodic Rate to the average daily balance of Credit Purchases, which is determined by dividing the sum of the daily balances during the billing cycle by the number of days in the cycle.
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Related to Figuring the Finance Charge

  • Finance Charge Each Receivable provides for the payment of a finance charge or shall yield interest calculated on the basis of an APR ranging from 0.50% to 22.05%.

  • Excess Finance Charge Collections Any amounts remaining in the Cap Proceeds Account, the Collection Account and the Payment Reserve Account, to the extent of any Available Series 1998-3 Finance Charge Collections remaining after giving effect to the withdrawals pursuant to subsection 4.9(a)(i) through (xii) of the Agreement, shall be treated as Excess Finance Charge Collections, and the Servicer shall direct the Trustee in writing on each Business Day to withdraw such amounts from the Collection Account and to first make such amounts available to pay to Securityholders of other Series to the extent of shortfalls, if any, in amounts payable to such Securityholders from Finance Charge Collections allocated to such other Series, then to pay any unpaid commercially reasonable costs and expenses of a Successor Servicer, if any, and then on each Business Day other than the Default Recognition Date, to pay to the Transferor to be treated as "Transferor Retained Finance Charge Collections," and, on each Default Recognition Date, to pay any remaining Excess Finance Charge Collections to the Transferor. Notwithstanding the foregoing, if on any Default Recognition Date the sum of the amount of Available Series 1998-3 Finance Charge Collections (including, all amounts on deposit in the Payment Reserve Account) and Transferor Retained Finance Charge Collections is less than the Series Default Amount for such Default Recognition Date, the Servicer shall apply amounts deposited in the Accumulation Period Reserve Account pursuant to subsection 4.9(a)(xi) of the Agreement and the Spread Account pursuant to subsection 4.9(a)(viii) of the Agreement during the then current Monthly Period in accordance with subsection 4.9(a)(iii) of the Agreement to the extent of such shortfall.

  • Allocations During the Early Amortization Period During the Early Amortization Period, an amount equal to the product of (A) the Principal Allocation Percentage and (B) the Series 1997-1 Allocation Percentage and (C) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date, shall be allocated to the Series 1997-1 Certificateholders and retained in the Collection Account until applied as provided herein; provided, however, that after the date on which an amount of such Collections equal to the Adjusted Invested Amount has been deposited into the Collection Account and allocated to the Series 1997-1 Certificateholders, such amount shall be first, if any other Principal Sharing Series is outstanding and in its amortization period or accumulation period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections on the related Distribution Date, and second paid to the Holders of the Transferor Certificates only if the Transferor Amount on such date is greater than the Required Transferor Amount (after giving effect to all Principal Receivables transferred to the Trust on such day) and otherwise shall be deposited in the Special Funding Account.

  • Finance Charges A finance charge is the cost you pay for credit. We will charge Interest Charges and Fees to your account as described to you in your statements and other Truth in Lending Disclosures. The following describes how the finance charge will be calculated on the Account. You have a 25-day grace (no finance charge) period on your purchase balance and for new purchases if you paid the entire New Balance on your last statement by the end of the grace period. You also have a 25-day grace period for new purchases if you did not have a balance on your last statement. The grace period starts on the billing cycle closing date. If you do not pay the entire New Balance by the end of the grace period, a finance charge will be imposed on the unpaid balance from the first day of the next billing cycle and on new purchases from the date they are posted to your Account. There is no grace period for cash advances. A finance charge will be imposed on cash advances from the date the cash advance is posted to your Account. Balance transfers as permitted by Credit Union from time to time in Credit Union’s sole discretion will be treated as cash advances for the purpose of all finance charges and finance charge calculations. Finance charges on your Account are calculated by applying the applicable Monthly Periodic Rate to the average daily balances for purchases and cash advances. Separate average daily balances are calculated for purchases and cash advances. To get each average daily balance, the daily balances for purchases and cash advances for the billing cycle are added and the totals are divided by the number of days in the cycle. To get the daily balance for cash advances, new cash advances are added to the day’s beginning balance and payments and credits are subtracted. To get the daily balance for purchases, new purchases are added to the day’s beginning balance and payments and credits are subtracted; however, new purchases are not added if you paid the entire New Balance on your last statement by the end of the grace period or if you did not have a balance on your last statement. Fees and unpaid finance charges are not included in the calculation of the average daily balance. Finance charges will continue to accrue on your Account until what you owe under this Agreement is paid in full. Credit Union may offer balance transfer, introductory rate, or other special rate promotions for your Account from time to time in Credit Union’s sole discretion. The applicable Monthly Periodic Rate and ANNUAL PERCENTAGE RATE for any promotion and any promotion terms and conditions will be disclosed to before or at the time you make use of such promotion.

  • Allocations During the Controlled Accumulation Period During the Controlled Accumulation Period (A) an amount equal to the product of (I) the sum of the Class B Principal Percentage and the Collateral Principal Percentage and (II) the Principal Allocation Percentage and (III) the Series 1997-1 Allocation Percentage and (IV) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date, shall be allocated to the Series 1997-1 Certificateholders and retained in the Collection Account until applied as provided herein and (B) an amount equal to the product of (I) the Class A Principal Percentage and (II) the Principal Allocation Percentage and (III) the Series 1997-1 Allocation Percentage and (IV) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date (such product for any such date, a "Percentage Allocation") shall be allocated to the Series 1997-1 Certificateholders and retained in the Collection Account until applied as provided herein; provided, however, that if the sum of such Percentage Allocation and all preceding Percentage Allocations with respect to the same Monthly Period exceeds the Controlled Deposit Amount for the related Distribution Date, then such excess shall not be treated as a Percentage Allocation and shall be first, if any other Principal Sharing Series is outstanding and in its amortization period or accumulation period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections on the related Distribution Date, and second paid to the Holders of the Transferor Certificates only if the Transferor Amount on such Deposit Date is greater than the Required Transferor Amount (after giving effect to all Principal Receivables transferred to the Trust on such day) and otherwise shall be deposited in the Special Funding Account.