Average Daily Balance. We shall calculate the Finance Charge using the method known as “Average Daily Balance,” which We shall obtain by adding the balances due at the end of each day of the billing period, and dividing the product into the number of days within said period. We shall determine the balances due at the end of each day by adding: (i) the previous day’s Final Balance, (ii) purchases of goods and services, and (iii) cash advances; and subtracting payments and other credits paid during the day. We shall add and subtract these items before computing the Finance Charge.
Appears in 4 contracts
Samples: Scotialine Gold Agreement, Scotialine Gold Agreement, Scotialine Agreement
