Common use of Method of Computing Interest Clause in Contracts

Method of Computing Interest. Interest is calculated by CSFB on a daily basis employing a 360 day year. Starting with the balance as of the close of the previous interest period, for each day of the new period, CSFB calculates your new debit or credit balance from the previous day’s closing balance taking into consideration both debits and credits which occurred that day. To compute interest, the resulting daily balance, if a debit, is multiplied by 1/360th times the daily interest rate. The charge shown on the monthly statements furnished to you runs from the first calendar day of the current month to the last calendar day of the current month. CSFB reserves the right to waive interest charges under one dollar. For interest computation purposes, CSFB does not combine the balance in any Special Memorandum Account with the balance in any other account carried by it. For monthly statement display purposes only, an average daily debit balance and an average interest rate is calculated by taking the day’s balance if a debit and the interest rate that day which become components in the sums which equal the totals of all the resulting daily debit balances and interest rates for the period. These sums are divided by the number of calendar days to arrive at the average daily debit balance and interest rate for that interest period. For each interest period shown on your monthly statement, this monthly average balance and this monthly average interest rate and the number of calendar days for which a debit balance existed within an interest period are identified on your statement.

Method of Computing Interest. Interest is calculated by CSFB CSSU on a daily basis employing a 360 day year. Starting with the balance as of the close of the previous interest period, for each day of the new period, CSFB CSSU calculates your new debit or credit balance from the previous day’s closing balance taking into consideration both debits and credits which occurred that day. To compute interest, the resulting daily balance, if a debit, is multiplied by 1/360th I/360th times the daily interest rate. The charge shown on the monthly statements furnished to you runs from the first calendar day of the current month to the last calendar day of the previous month and will be posted on the first business day of the current month. CSFB CSSU reserves the right to waive interest charges under one dollar. For interest computation purposes, CSFB CSSU does not combine the balance in any Special Memorandum Account with the balance in any other account carried by it. For monthly statement display purposes only, an average daily debit balance and an average interest rate is calculated by taking the day’s balance if a debit and the interest rate that day which become components in the sums which equal the totals of all the resulting daily debit balances and interest rates for the period. These sums are divided by the number of calendar days to arrive at the average daily debit balance and interest rate for that interest period. For each interest period shown on your monthly statement, this monthly average balance and this monthly average interest rate and the number of calendar days for which a debit balance existed within an interest period are identified on your statement.