Average Daily Balance Method Clause Samples

Average Daily Balance Method. (Including Current Transactions). We figure the finance charge on your account by applying the periodic rate to the “average daily balance” of your account (including current transactions). To get the “average daily balance” we take the beginning balance of your account each day, add any new purchases, advances, or loans, subtract any payments or credits, and add unpaid finance charges. This gives us the daily balance. Then, we add up all the daily balances for the billing cycle and divide the total by the number of days in the billing cycle. This gives us the “average daily balance.”
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Average Daily Balance Method. It is a method of calculating financial charges based on the average daily balance. The average daily balance is obtained by adding the balance amount at the end of each day of the billing cycle and dividing the final figure by the number of days in the billing cycle. The number thus obtained is the average daily balance, which is then multiplied by APR or interest rate to calculate the financial charges of a month or a year.
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Average Daily Balance Method. (including current transactions): We figure a portion of the finance charge on your Account by applying the periodic rate to the “average daily balances” of your Account (including current transactions) for purchases, Cash Advances and Quasi Cash transactions. To get the “average daily balances” we take the beginning balances of your Account each day, add any new purchases, advances or other charges, and subtract any payments or credits, and unpaid late fees or finance charges. This gives us the daily balances. Then, we add up all the daily balances for each day in the billing cycle and divide the total by the number of days in the billing cycle. This gives us the “average daily balance” for purchases, Cash Advances and Quasi Cash transactions. If you pay all of the new balance shown on your statement by the payment due date, we will exclude that balance and all new charges to the account except Cash Advances and Quasi Cash transactions from the daily balances.
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Related to Average Daily Balance Method

  • Daily Balance For each day a DPR is in effect, we figure the daily balance by: ● taking the beginning balance for the day, ● adding any new charges, ● subtracting any payments or credits; and ● making any appropriate adjustments. We add a new charge to a daily balance as of its transaction date. For the first day of a billing period, the beginning balance is the ending balance for the prior billing period, including unpaid interest. For the rest of the billing period, the beginning balance is the previous day's daily balance plus an amount of interest equal to the previous day's daily balance multiplied by the DPR for that balance. This method of figuring the beginning balance results in daily compounding of interest.

  • Accrual Rates All eligible employees shall accrue vacation pay according to the following rates:

  • Measurement method An isolation resistance test instrument is connected between the live parts and the electrical chassis. The isolation resistance is subsequently measured by applying a DC voltage at least half of the working voltage of the high voltage bus. If the system has several voltage ranges (e.g. because of boost converter) in conductively connected circuit and some of the components cannot withstand the working voltage of the entire circuit, the isolation resistance between those components and the electrical chassis can be measured separately by applying at least half of their own working voltage with those components disconnected.

  • Annual Percentage Rate Each Receivable has an APR of not more than 25.00%.

  • Accrual Rate Compensatory time for employees will accrue at the rate of one and one-half hours for each one hour of overtime worked.