Figuring the Interest Charge Clause Samples

Figuring the Interest Charge. We compute the INTEREST CHARGE for each Balance Category by multiplying these Average Daily Balances by the applicable Daily Periodic Rate, and then we multiply the result by the number of days in the billing period. To determine the Daily Periodic Rate for each Balance Category, we divide the applicable ANNUAL PERCENTAGE RATE in effect for the billing period by 365 (366 for leap year). The way we get the ANNUAL PERCENTAGE RATE for each Balance Category is described below under “Fixed Rate” and “Variable Rate.”
View SourceView Similar (11)
Figuring the Interest Charge. We compute the interest 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. Your Credit Card account is made on a Variable Rate basis for Purchases, and the ANNUAL PERCENTAGE RATE and Daily Periodic Rate for Purchases are described in the paragraph of this Agreement below called “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%.
View SourceView Similar (10)
Figuring the Interest Charge. We compute the INTEREST 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. All Credit Card accounts are made on a Variable Rate basis for Purchases, and the way we get the ANNUAL PERCENTAGE RATE and 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, Company may avoid paying the INTEREST CHARGE on Purchases if it pays the entire New Balance by the Payment Due Date; however, the INTEREST CHARGE on Purchases will otherwise accrue from the date of transaction. The INTEREST CHARGE on Cash Advances will accrue from the date of the Cash Advance.
View Source

Related to Figuring the Interest Charge

  • Minimum Interest Charge If the interest charge for all balances on your Credit Card account is less than $1.00, we will charge you the Minimum Interest Charge shown on page 1. This charge is in lieu of any interest charge.

  • Interest Charges You agree to pay interest at the rate(s) disclosed to you at the time you open your account and as may be changed from time to time in accordance with applicable law. Average Daily Balance including new transactions: Interest Charges will accrue on your average daily balance outstanding during the month. To get the average daily balance, we take the beginning balance each day, add any new purchases, cash advances, balance transfers or other advances, and subtract any payments, unpaid interest charges, and unpaid late charges. This gives us the daily balance. Then, we add up all the daily balances for the billing cycle and divide that by the number of days in the billing cycle. We then multiply that by the periodic rate corresponding to the Annual Percentage Rate on your account. If you have different rates for purchases, cash advances or balance transfers, separate average daily balances for each will be calculated and the appropriate periodic rate is then applied to each.

  • 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.