Simple Interest Method definition

Simple Interest Method means the method of allocating a fixed level payment to principal and interest, pursuant to which the portion of such payment that is allocated to interest is equal to the product of the fixed rate of interest multiplied by the unpaid principal balance multiplied by the period of time elapsed since the preceding payment of interest was made and the remainder of such payment is allocable to principal.
Simple Interest Method means the method of allocating a fixed level payment on an obligation between principal and interest, pursuant to which the portion of such payment that is allocated to interest is equal to the product of the fixed rate of interest on such obligation multiplied by the period of time (expressed as a fraction of a year, based on the actual number of days in the calendar month and 365 days in the calendar year) elapsed since the preceding payment under the obligation was made.
Simple Interest Method means the method of calculating interest due on a motor vehicle receivable on a daily basis based on the actual outstanding principal balance of the receivable on that date.

Examples of Simple Interest Method in a sentence

  • Each Receivable provides for scheduled monthly payments that fully amortize the Amount Financed by maturity (except for minimally different payments in the first or last month in the life of the Receivable) and provides for a finance charge or yield interest at its APR, in either case calculated based on the Simple Interest Method.

  • Test 3-2: Simple Interest Observe the Contact and confirm it is a Simple Interest Method Contract.


More Definitions of Simple Interest Method

Simple Interest Method means the method of allocating the monthly payments identified with respect to a Receivable to interest in an amount equal to the product of (a) the applicable APR, (b) the period of time (expressed as a fraction of a year, based on the actual number of days in the calendar month and 365 days in the calendar year) elapsed since the preceding payment was made under such Receivable and (c) the Outstanding Amount of such Receivable, and allocating the remainder of each such monthly payment to principal.
Simple Interest Method means the method for calculating interest on a Contract whereby interest due is calculated each day based on the actual principal balance of the Contract on that day.
Simple Interest Method means the method of allocating a fixed level payment monthly installments between principal and interest, pursuant to which such installment is allocated first to accrued and unpaid interest at the Contract Rate on the unpaid principal balance and the remainder of such installment is allocable to principal.
Simple Interest Method means, with respect to a Receivable, the method of allocating a fixed level payment between principal and interest, pursuant to which the portion of such payment that is allocated to interest is equal to the product of the applicable interest rate multiplied by the unpaid Principal Balance of such Receivable multiplied by the period of time (expressed as a fraction of a year, based on the actual number of days in the month and a 365-day year or, in the event of a leap year, a 366-day year) elapsed since the preceding payment was received by the Servicer. The remainder of such payment is allocable to fees and charges, if any, and to principal in the manner determined at the direction of the Servicer; provided, however, that the Servicer applies Liquidation Proceeds, Insurance Proceeds and amounts in respect of deficiency balances first to unpaid interest, second to principal, third to unpaid late fees and fourth to any receivable relating to the premium paid on any force-placed insurance policy.
Simple Interest Method means the method of computing interest
Simple Interest Method means the method of computing interest payable on a loan by applying the annual percentage interest rate or its periodic equivalent to the unpaid balances of the principal of the loan outstanding for the time outstanding.
Simple Interest Method means the method of