Common use of How We Calculate Interest Clause in Contracts

How We Calculate Interest. We calculate interest on your statement as follows: 1. We add your balances together each day and divide that total by the number of days in your statement period. This is your average daily balance. 2. We divide your annual interest rate by the number of days in the year. This is your daily interest rate. 3. We multiply your average daily balance by your daily interest rate and multiply this total by the number of days in your statement period. If you have balances on your Account at different annual interest rates (such as Purchases, Cash Advances, Balance Transfers or Installment Plans), we will calculate interest using the average daily balance and daily interest rate for each balance. Interest is added to your Account at the end of each statement period. We do not charge interest on interest.

How We Calculate Interest. We calculate interest on your statement as follows: 1. We add your balances together each day and divide that total by the number of days in your statement period. This is your average daily balance. 2. We divide your annual interest rate by the number of days in the year. This is your daily interest rate. 3. We multiply your average daily balance by your daily interest rate and multiply this total by the number of days in your statement period. If you have balances on your Account at different annual interest rates (such as Purchases, Cash Advances, Advances or Balance Transfers or Installment PlansTransfers), we will calculate interest using the average daily balance and daily interest rate for each balance. Interest is added to your Account at the end of each statement period. We do not charge interest on interest.

How We Calculate Interest. We calculate interest on your statement as follows:follows:‌ 1. We add your balances together each day and divide that total by the number of days in your statement period. This is your average daily balance. 2. We divide your annual interest rate by the number of days in the year. This is your daily interest rate. 3. We multiply your average daily balance by your daily interest rate and multiply this total by the number of days in your statement period. If you have balances on your Account at different annual interest rates (such as Purchases, Cash Advances, Advances or Balance Transfers or Installment PlansTransfers), we will calculate interest using the average daily balance and daily interest rate for each balance. Interest is added to your Account at the end of each statement period. We do not charge interest on interest.