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.”
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%.
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.