FINANCE CHARGE CALCULATION Clause Samples
FINANCE CHARGE CALCULATION. The dollar amount I pay for sums advanced is called a “FINANCE CHARGE” and begins on the date of each advance. There is no grace period. A finance charge will be computed separately for each separate unpaid loan account balance. To compute the finance charge, the unpaid balance, as calculated herein, for each day since my last payment (or since advance if I have not yet made a payment) is multiplied by the applicable periodic rate (as disclosed on the rate sheet). The sum of these amounts is the total finance charge I owe.
FINANCE CHARGE CALCULATION. AVERAGE DAILY BALANCE METHOD. We calculate the Periodic FINANCE CHARGE on your Account by applying the Periodic Rate to the “Average Daily Balance” of purchase and cash activity for your Account. To get the “Average Daily Balance” we take the beginning purchase and cash balance of your Account each day, add any new purchase and cash transactions, and subtract any payments or credits, unpaid FINANCE CHARGES and unpaid late charges. This gives us the daily balance. Then we add up all the daily balances for the billing cycle and divide by the number of days in the billing cycle. This gives us the Average Daily balance for both purchase and cash transactions.
FINANCE CHARGE CALCULATION. All payments are due upon Debtor's receipt of Secured Party's monthly or other billing statement. Debtor agrees to pay Secured Party finance charges on the outstanding principal indebtedness owing for each item of Inventory at the rate(s) provided in the Terms Schedule in effect on the applicable floorplan note (or other evidence of debt) created related to such Inventory, unless Debtor objects thereto as provided in Section 2.3. Finance charges at the stated rate shall be computed based on a 360 day year and calculated by multiplying the Daily Charge (defined below) by the actual number of days in the applicable billing period. Such finance charges shall accrue from the floorplan note date for the Inventory until Secured Party receives the entire principal amount. The "Daily Charge" is the product of the Daily Rate (defined below) multiplied by the Ending Daily Balance (defined below). The "Daily Rate" is the quotient of the annual rate provided in the Terms Schedule divided by 360. The "Ending Daily Balance' is the outstanding principal balance owed at the end of each day on each floorplan note during a billing period. Notwithstanding the above, Debtor acknowledges that Secured Party intends to strictly comply with all applicable usury laws governing this Agreement. Should such law other than Iowa apply and the usury rate be less than that billed, any excess finance charges paid shall be deemed payment on the unpaid principal on the applicable floorplan note. If an overpayment of principal results, it may be applied to principal on any other floorplan note, and if none, refunded to Debtor.
FINANCE CHARGE CALCULATION. All payments are due upon Debtor’s receipt of Secured Party’s monthly or other billing statement. Debtor agrees to pay Secured Party finance charges on the outstanding principal indebtedness owing for each item of Inventory at the rate(s) provided in the Terms Schedule in effect at the time that particular unit of Inventory is financed by Secured Party for Debtor, unless Debtor objects thereto as provided in Section 2.3. Finance charges at the stated rate shall be computed based on a 360 day year and calculated by multiplying the Daily Charge (defined below) by the actual number of days in the applicable billing period, Such finance charges shall accrue from the floorplan note date for the Inventory until Secured Party receives the entire principal amount. The “Daily Charge” is the product of the Daily Rate (defined below) multiplied by the Average Daily Balance (defined below). The “Daily Rate” is the quotient of the annual rate provided in the Terms Schedule divided by 360. The “Average Daily Balance” is the quotient of (i) the sum of the outstanding principal debt owed Secured Party on each day of a billing period for each item of Collateral, divided by (ii) The actual number of days in such billing period.
FINANCE CHARGE CALCULATION. The unpaid principal balance is the amount of loan outstanding and unpaid at the close of business each day after all transactions for the day have been entered. The total FINANCE CHARGE is the sum of the FINANCE CHARGE on your outstanding balance and any loan fees imposed and will be shown on your monthly statement. Your loan payments and the Credit Union's loan advances are made when entered. Advances may be directly deposited to one of your deposit accounts and will be subject to a FINANCE CHARGE from the date of deposit even if you do not withdraw the money immediately.
FINANCE CHARGE CALCULATION. All payments are due upon Debtor's receipt of Secured Party's monthly or other billing statement. Debtor agrees to pay Secured Party finance charges on the outstanding principal indebtedness owing for each item of Inventory at the rate(s) provided in the Terms Schedule in effect on the applicable floorplan note (or other evidence of debt) created related to such Inventory, unless Debtor objects thereto as provided in Section 2.3. Finance charges at the stated rate shall be computed based on a 360 day year and calculated by multiplying the Daily Charge (defined below) by the actual number of days in the applicable billing period. Such finance charges shall accrue from the floorplan note date for the Inventory until Secured Party receives the entire principal amount. The "Daily Charge" is the product of the Daily Rate Initials __JTT___