Common use of Calculation of Interest and Fees Clause in Contracts

Calculation of Interest and Fees. All interest and fees charged hereunder shall be computed on the basis of a 360-day year for the actual number of days elapsed. Notwithstanding anything to the contrary contained herein, any interest rate calculated hereunder shall be rounded to the closest 1/8 of 1%, with no adjustments made for rate changes of less than 1/8 of 1%.