Installment Plan Payment Amount Sample Clauses

Installment Plan Payment Amount. For qualifying purchases, you may choose to establish an installment plan for which the balance is paid over a fixed period. We may offer special rates on installment plan balances. For each installment plan, we will calculate an installment payment amount, which is the amount necessary to amortize the installment plan balance over the installment plan period with interest at the Annual Percentage Rate applicable to that installment plan balance. You will continue to pay that amount until the installment plan balance has been repaid (although the final payment will not exceed the remaining balance on the installment plan plus interest on that balance). If you do not make the payment on or before its due date, any balance remaining as of the final due date will no longer be part of the installment plan balance and will be subject to interest at the standard Annual Percentage Rate applicable to your account. Please note: if your installment plan balance is subject to a higher Annual Percentage Rate than other balances, making payments in excess of the Minimum Monthly Payment will reduce the number of installment plan payments you make because payments in excess of the Minimum Monthly Payment are applied first to higher rate balances.