Finance Charges. In the case of any transactions under Your Account, the balances subject to the periodic Finance Charge are the average daily transactions balances outstanding during the month (including new transactions). To get the average daily balance, We take the beginning balance of Your Account each day, add any new purchases, balance transfers, cash advances, debit adjustments or other charges and subtract any payments, credits and unpaid Finance Charges. This gives Us the daily balance. Then, We add up all the daily balances for the billing cycle and divide them by the number of days in the billing cycle. The Finance Charge for a billing cycle is computed by multiplying the average daily balance subject to a Finance Charge by the Monthly Periodic Rate. We will mail Your periodic statement 22 days prior to the due date each month. You can avoid Finance Charges on purchases by paying the full amount of the entire balance owed each month by the payment due date. Otherwise, the new balance of purchases, and subsequent purchases from the date they are posted to Your Account, will be subject to a Finance Charge. Balance transfers and cash advances are always subject to a Finance Charge from the later of the date they are posted to Your Account or from the first day of the billing cycle in which the transaction is posted to Your Account. VARIABLE RATE (EXCEPT VISA CLASSIC AND SECURED VISA CLASSIC). All advances are subject to a Variable Rate which is based on the highest Prime Rate as published in the money rates section of The Wall Street Journal in effect on the last calendar day of each month of each year ("Index") plus Our Margin. The Index plus the Margin equals the Interest Rate. Changes in the Index will cause changes in the Interest Rate on the 1st day of the billing cycle that immediately follows any such change in the Index. Increases or decreases in the Interest Rate will cause like increases or decreases in the Finance Charge and will affect the number of Your regularly scheduled payments. Your Interest Rate will never be greater than 18.00% and will apply to Your remaining principal balance. If the Index becomes unavailable, We may select another Index and Margin which would result in a substantially similar Interest Rate.
Finance Charges. On each Reconciliation Date Seller shall pay to Buyer a finance charge in an amount equal to 1.75 (%) percent per month of the average -------- daily Account Balance outstanding during the applicable Reconciliation Period (the "Finance Charges"). Buyer shall deduct the accrued Finance Charges from the Reserve as set forth in Section 3.5 below.
Finance Charges. Lender may, but is not required to, deduct the amount of accrued Finance Charge from Collections received by Lender. The accrued and unpaid Finance Charge shall be due and payable within 10 calendar days after each Month End during the term hereof.
Finance Charges. We will impose Finance Charges (a fee representing the cost of credit and the cost of borrowing on your Account) by applying the Monthly Periodic Rate as described below.
Finance Charges. A finance charge is the cost you pay for credit. We will charge Interest Charges and Fees to your account as described to you in your statements and other Truth in Lending Disclosures. The following describes how the finance charge will be calculated on the Account. FCUPTDC0020-0921 FINANCE CHARGES will be calculated on your Account purchases and balance transfers based on a variable Monthly Periodic Rate and a corresponding variable ANNUAL PERCENTAGE RATE that are determined by the Credit Union as follows: Credit Union starts with an independent index (the “Index”), which is The Wall Street Journal Prime Rate; when a range of rates has been published, the highest rate will be used. To determine the Monthly Periodic Rate that will apply to your Account, Credit Union adds a Margin of to the value of the Index. Your Margin is based on your creditworthiness; your specific Margin, ANNUAL PERCENTAGE RATE and corresponding Monthly Periodic Rate will be disclosed to you in other Truth-in-Lending disclosures. Credit Union then divides this sum by the number of months in a year (12). Credit Union then multiplies the Monthly Periodic Rate by the number of months in a year (12); the result is the ANNUAL PERCENTAGE RATE. The Monthly Periodic Rate and ANNUAL PERCENTAGE RATE can change each year based on changes in the Index; the Credit Union will select the date of each year to choose the new Index value in Credit Union’s sole discretion. All changes in the Monthly Periodic Rate and ANNUAL PERCENTAGE RATE will be based on application of the Margin and the Index. All changes to the Monthly Periodic Rate and ANNUAL PERCENTAGE RATE will be effective on the first day of the first billing cycle following Credit Union’s changes to the Monthly Periodic Rate and ANNUAL PERCENTAGE RATE. There is no limit on the amount by which the Monthly Periodic Rate and ANNUAL PERCENTAGE RATE can change during any period or the term of your Account. The maximum ANNUAL PERCENTAGE RATE that can apply is 18.00% or the maximum permitted by law, whichever is less. FINANCE CHARGES will be calculated on your Account cash advances based on the ANNUAL PERCENTAGE RATE disclosed to you in other Truth-in- Lending disclosures and the corresponding Monthly Periodic Rate. You have a 25-day grace (no finance charge) period on your purchase balance and for new purchases if you paid the entire New Balance on your last statement by the end of the grace period. You also have a 25-day grace period for new purcha...
Finance Charges. You can avoid FINANCE CHARGES on purchases by paying the full amount of the New Balance of Purchases each month within 25 days of your statement closing date. Otherwise, the New Balance of Purchases will be subject to FINANCE CHARGE. The Finance charge for a billing cycle is computed by applying the monthly Periodic Rate, which is an Annual Percentage Rate, to a periodic daily rate on the average daily balance. The average daily principle balance of purchases is determined by dividing the sum of the daily balances during the billing cycle by the number of days in the billing cycle. Each daily balance of Credit Purchases is determined by subtracting from the previous balance of credit purchases any payments received and credits as posted to your account, but excluding any unpaid FINANCE CHARGES. On Cash Advances: A monthly Finance Charge will be imposed on Cash Advances from the date each Cash Advance is made or from the first day of the billing cycle in which each Cash Advance is posted to your account, whichever is later. This monthly Finance Charge will continue to accrue on the unpaid average daily balance of such Cash Advances until (i) the date of payment if paid during the same billing cycle, (ii) the closing date of the billing cycle preceding the date on which the entire New Balance is paid in full or (iii) the date of payment if more than twenty-five (25) days after the closing date The Finance charge for a billing cycle is computed by applying the monthly Periodic Rate, which is an Annual Percentage Rate, to the average daily balance of Cash Advances, which is determined by dividing the sum of the daily balances during the billing cycle by the number of days in the billing cycle. Each daily balance of Cash Advances is determined by adding any new Cash Advances posted to your account during the billing cycle to the outstanding unpaid balance of Cash Advances at the beginning of the billing cycle, and subtracting any payments received or credits posted to your account during the billing cycle.
Finance Charges. A FINANCE CHARGE will be imposed on all outstanding balances in your Account from the time they are posted to your Account; however, you can avoid FINANCE CHARGES on Purchases by paying the full amount of the New Balance of Purchases each month within 25 days of your statement closing date. Otherwise, the New Balance of Purchases will be subject to a FINANCE CHARGE. Cash Advances and Balance Transfers are always subject to FINANCE CHARGE from the date that they are posted to your Account. The periodic rate applicable to your account as of March 24, 2020 was .025% (corresponding ANNUAL PERCENTAGE RATE 9.15%). The periodic rate that will be applied to the balances in your Account is a variable rate based on the value of an index. The index is the highest “Prime Rate” as published in the Wall Street Journal, Eastern Daily Edition. Your ANNUAL PERCENTAGE RATE will be such prime rate plus 5.9%. Your daily periodic rate will be such ANNUAL PERCENTAGE RATE divided by the number of days in the year. Any change in the periodic rate will be effective the first day of the first complete billing cycle immediately following a published change in the index. The interest rate applied to your Account will increase if the Prime Rate increases. Any increase in the periodic rate may increase the number of payments required to pay your Account balance in full, and may cause your minimum payment to increase. Your daily periodic rate will not exceed .049315% (18% ANNUAL PERCENTAGE RATE). Your FINANCE CHARGE is based upon the average daily balance in your Account for the number of days in the billing cycle. The average daily balance in your Account is determined by taking the beginning balance in your Account each day, adding any new Purchases, Balance Transfers, and Cash Advances and subtracting any payment or credits. 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”. The FINANCE CHARGE is determined by multiplying the average daily balance by the daily periodic rate, and then by multiplying that product by the number of days in the billing cycle.
Finance Charges. Lender may, but is not required to, deduct the amount of accrued Finance Charge from Collections received by Lender. On each Month End Borrower shall pay to Lender any accrued and unpaid Finance Charge as of such Month End. Lender may deduct the accrued Finance Charges in calculating the Refundable Reserve.
Finance Charges. The FINANCE CHARGE is the amount of money that you pay for the money you borrow. You can avoid FINANCE CHARGES (interest) on your New Purchases balance by paying the entire account balance (shown as the Total New Balance) by the Account Statement’s “Payment Due” date. FINANCE CHARGES on New Purchase and Balance Transfer balances are calculated at the periodic rate between 0.49583% and 1.66250%, which corresponds to an ANNUAL PERCENTAGE RATE between 5.95% and 19.95%. FINANCE CHARGES on the average daily balances of Cash Advances are calculated at the periodic rate between 1.16250% and 1.82917% per month, which corresponds to an ANNUAL PERCENTAGE RATE between 13.95% and 21.95%.
Finance Charges. In computing Finance Charges on the Obligations under this Agreement, all Collections received by Bank shall be deemed applied by Bank on account of the Obligations three (3) Business Days after receipt of the Collections. Borrower will pay a finance charge (the “Finance Charge”) on each Financed Receivable which is equal to the Applicable Rate divided by 360 multiplied by the number of days each such Financed Receivable is outstanding multiplied by the outstanding Financed Receivable Balance. The Finance Charge is payable on the date when the Advance made based on such Financed Receivable is payable in accordance with Section 2.3 hereof. After an Event of Default, the Applicable Rate will increase an additional five percent (5.0%) per annum effective immediately upon the occurrence of such Event of Default.
