Common use of Fixed and Fully Amortizing Payments Clause in Contracts

Fixed and Fully Amortizing Payments. a. Confirm that the Contract requires fixed payment amounts b. Confirm that the payment on the Contract is based on a fixed interest calculation. For non-interest bearing contracts, confirm that the interest rate is reflected to be zero c. Confirm that the Contract allows for prepayments without premium or penalty at any time d. Confirm that the number and amount of payments fully amortize the Amount Financed by maturity and pay finance charges at the Annual Percentage Rate