Scheduled Installment Earnings Method. (Option A1: Sales Tax Advance) You figure the Finance Charge using the scheduled installment earnings method as defined by the Texas Finance Code. Under the scheduled installment earnings method, the Finance Charge is figured by applying the daily rate to the unpaid portion of the Amount Financed as if each payment will be made on its scheduled payment date. The daily rate is 1/365th of the Annual Percentage Rate. The unpaid portion of the Amount Financed does not include late charges or returned check charges. (
Appears in 2 contracts
Sources: Motor Vehicle Retail Installment Sales Contract, Motor Vehicle Retail Installment Sales Contract