How We Calculate Interest. You will avoid paying interest charges on Purchases listed on your Account statement provided you pay in full the total balance indicated, at the latest, on the payment due date provided on your Account statement. Otherwise, interest charges will be calculated based on the average daily balance from the date of entry of the transactions on your Account statement, until they are paid in full, at the prevailing annual interest rate indicated on the Card Carrier. We obtain the average daily balance by adding the amount you owe each day (for example, the amount in Purchases or Cash Advances) and divide that total by the number of days in your statement period (e.g., 30 days). Interest charges on Cash Advances, balance transfers or Convenience Cheques are calculated on the average daily balance from the date on which the transaction was made until receipt of full payment, at the prevailing annual interest rate indicated on the Card Carrier. The interest rates we charge are: • The annual interest rates for Purchases and Cash Advances as shown on the Card Carrier; • Any promotional interest rates that we may provide to you; or • Any amendment we make to those rates. If we amend the interest rates we charge, we will provide you with a minimum of 30 days written notice of the amended rates. The amount of interest we charge you on each Account statement sent every month is calculated as follows: • We add the amount you owe each day and divide that total by the number of days in the Account statement period. This is your average daily balance; • We multiply the average daily balance by the applicable daily interest rate. The daily interest rate is equal to the annual interest rate(s) divided by 365 (or, 366 on a leap year). We then multiply this value by the total number of days in the statement period to determine the interest we charge you. When more than one interest rate applies to the Account, we calculate the interest charge based on the average daily balance for each rate. Your Account statement shows your annual interest rates, including any applicable promotional rates and the interest charges for each rate balance.
How We Calculate Interest. During billing cycles in which interest is charged, for each balance type on your account we figure the interest charge on your account by applying the periodic rate to the “daily balance” of your account for each day in the billing cycle. A separate daily balance will be calculated for the following balance types, as applicable: purchases, balance transfers, cash advances and other balances that are subject to different interest rates, plans or special promotions. • First, we determine the “daily balance”. To determine the daily balance, we take the beginning balance each day, add any new charges and fees posted that day, and subtract any payments and credits posted that day. This gives us the daily balance. • Second, we calculate the amount of interest charged. To do this, we multiply the applicable daily rate by each daily balance on your account. • Third, we add the interest amount to the daily balance, and the sum will become the beginning balance for the following day. Your interest charge for the billing cycle is the sum of the interest amounts that were charged each day during the billing cycle for each balance type. We charge a minimum of $2 of interest in any billing cycle in which you owe interest.
How We Calculate Interest. We calculate interest on your balances each billing cycle. Interest is calculated separately for Purchases, Cash Advances, and each balance subject to different promotional terms. We round all APRs to the second decimal place and all monthly interest rates to the third decimal place. The method we use is called the average daily balance (including new transactions). This method results in compounding interest. Under this method, interest is calculated on each balance on your Account as follows:
How We Calculate Interest. Funds in your Save and Auto-Save Pockets earn a variable rate of interest. Your interest rate(s) and annual percentage yield (“APY”) may change. At our discretion, we may change the interest rate(s) for your Save and Auto-Save Pockets at any time without notice or limit. We may also offer interest rate bonuses and other special promotions based on various factors. We compound and credit interest to your Save and Auto-Save Pockets on a monthly basis. We use the daily balance method to calculate that interest. The daily rate is 1/365 of the interest rate (in a leap year we may use 1/366). We apply the daily periodic rate to the collected balance in your Save and Auto-Save Pockets each day. When you deposit into a Save Pocket, interest begins to accrue on the item on the business day the item posts to that Pocket. We pay interest in whole cents.
How We Calculate Interest. We calculate interest on your statement as follows:
How We Calculate Interest. For each day in a Billing Period, we calculate the interest owing separately for Purchases, Charges and Cash Advances by:
How We Calculate Interest. The interest rates we charge are: ▪ the interest rate noted in the Information Box; or ▪ any promotional interest rates that we may provide to you. After the Grace Period, if interest applies, we calculate interest for Purchases and Cash Advances by taking the amount outstanding each day and multiply the outstanding balance by the daily interest rate that applies (the daily interest rate is equal to the Interest Rate divided by 365 (or 366 in a leap year)). If interest is charged, it is calculated daily on the outstanding balance until that amount has been paid in full. The unpaid interest charge is added to your balance at the end of each statement period. Interest will be charged on unpaid interest if the unpaid interest is added to your balance at the end of the statement period, this unpaid interest will be included as part of the amount outstanding until that amount has been paid in full.
How We Calculate Interest. First, for each Billing Period, we calculate the APR or Variable APR for each Balance category by adding: (a) the Prime Rate for the Billing Period, plus (b) the Margin for the related Balance category. • Second, for each day in a Billing Period, we will assess a daily interest charge which is the product of the amount due on each Balance each category and the DPR or “daily periodic rate” of interest for such Balance category. The DPR is calculated by dividing the applicable APR or Variable APR by 365 (366 for leap years). • Third, your total interest charges for each Billing Period will be the sum of the daily interest assessed for each Balance Category during that Billing Period. o See the Pricing Disclosure for the initial Margins and APR’s applicable to your Account. You can also find the Margins and APR’s for your Account on your Account Statement or through the SoFi Mobile App.
How We Calculate Interest. We will charge you interest at the annual interest rate disclosed in the Loan Details. Your interest rate is fixed and will not change during your loan term. Interest will be calculated daily and billed to your loan account weekly. We calculate the daily interest rate by dividing the interest rate by 365. It is not charged on interest nor is it charged on any fees that may apply to your loan account. This means interest does not compound.
How We Calculate Interest. Interest accrues from the day the loan is advanced to you. We calculate interest daily on the principal balance owing on your loan in the following way: ● we multiply the outstanding principal balance under your loan by a daily interest factor based on the interest rate in effect on that day. ● we add together all of the interest charges for each day in the statement period to determine the total interest that has accrued in the particular month. Interest will be compounded monthly. This means that unpaid interest from the immediately preceding month will be added to the balance of your loan each month. We may choose to charge interest on interest.
