Common use of Offset Amount Clause in Contracts

Offset Amount. For each day that your Otfset Savings Account balance is in credit, the interest applicable to your linked loan account will be reduced by an otfset amount. We explain below how we calculate this amount: otfset savings x loan account account balance interest rate 365 $50,000 x 6.7% 365 Otfset amount for that day = $9.17

Offset Amount. For each day that your Otfset Savings Account balance is in credit, the interest applicable to your linked loan account will be reduced by an otfset amount. We explain below how we calculate this amount: otfset savings x loan account account balance rate x 365 loan interest rate 365 $50,000 x 6.7% 365 Otfset amount for that day = $9.17