Common use of Balance Computation Method Clause in Contracts

Balance Computation Method. We calculate the FINANCE CHARGE on your account by applying the periodic rate to the "Average Daily Balance" of your account (excluding current transactions). To get the "Average Daily Balance" we take the beginning balance of your account each day and subtract any payments or credits and any unpaid FINANCE CHARGES. We do not add in any new purchases. This gives us the daily balance. Then, we apply all the daily balances for the billing cycle together and divide the total by the number of days in the billing cycle. This gives us the "Average Daily Balance."

Balance Computation Method. We calculate figure the FINANCE CHARGE interest charge on your account by applying the periodic rate rate, as stated in the disclosure table, to the "Average Daily Balance" “average daily balance” of your account (excluding current transactions)account. To get the "Average Daily Balance" “average daily balance” we take the beginning balance of your account each day day, add any new purchases/advances/fees, and subtract any unpaid interest or other finance charges and any payments or credits and any unpaid FINANCE CHARGES. We do not add in any new purchasescredits. This gives us the daily balance. Then, we apply add up all the daily balances for the billing cycle together and divide the total by the number of days in the billing cycle. This gives us the "Average Daily Balance“average daily balance."”

Balance Computation Method. We calculate figure the FINANCE CHARGE interest charge on your account Account by applying the periodic rate rate, as stated in the Approval Letter, to the "Average Daily Balance" “average daily balance” of your account (excluding current transactions)account. To get the "Average Daily Balance" “average daily balance” we take the beginning balance of your account each day day, add any new purchases/advances/fees, and subtract any unpaid interest or other finance charges and any payments or credits and any unpaid FINANCE CHARGES. We do not add in any new purchasescredits. This gives us the daily balance. Then, we apply add up all the daily balances for the billing cycle together and divide the total by the number of days in the billing cycle. This gives us the "Average Daily Balance“average daily balance”."