Method Used to Determine the Balance on Which the Interest Charge May Be Computed and Amount of Interest Charge Sample Clauses

Method Used to Determine the Balance on Which the Interest Charge May Be Computed and Amount of Interest Charge. The Credit Union figures the Interest Charge on your Account by applying the Periodic Rate to the “Average Daily Balance” of purchases and cash advances for your Account (including current transactions) and multiplying the result by the number of days in the billing cycle. To get the “Average Daily Balance” we take the beginning balance of your Account each day, add any new purchases or cash advances, and subtract any payments or credits, unpaid Interest 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 the total by the number of days in the billing cycle. This gives us the “Average Daily Balance.”
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Method Used to Determine the Balance on Which the Interest Charge May Be Computed and Amount of Interest Charge. We figure the Interest Charge on your Account by applying the Periodic Rate to the “Average Daily Balance” of purchases, balance transfers and cash advances for your Account (including current transactions) and multiplying the result by the number of days in the billing cycle. To get the “Average Daily Balance” we take the beginning balance of your Account each day, add any new purchases, balance transfers or cash advances, and subtract any payments or credits, unpaid Interest 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 the total by the number of days in the billing cycle. This gives us the “Average Daily Balance.”
Sample 1
Method Used to Determine the Balance on Which the Interest Charge May Be Computed and Amount of Interest Charge. The Credit Union figures the Interest Charge on your Account by multiplying the "Average Daily Balance" of purchases, balance trans- fers, and cash advances for your Account (including current transac- tions) by the Daily Periodic Rate, and multiplying that amount by the number of days in the billing cycle. To get the "Average Daily Bal- ance" we take the beginning balance of your Account each day, add any new purchases or cash advances, and subtract any payments or credits, unpaid Interest Charge and unpaid late charges. This gives us the daily balance. Then, we add up all the daily balances for the billing period and divide the total by the number of days in the billing period. This gives us the "Average Daily Balance." To get the “Daily Periodic Rate,” we divide the Annual Percentage Rate in effect for the billing period by 365.
Sample 1
Method Used to Determine the Balance on Which the Interest Charge May Be Computed and Amount of Interest Charge. Interest charges on your Account are calculated separately for purchases, balance transfers and cash advances (“Transaction Type”). We figure the interest charge for each Transaction Type by applying the periodic rate to each corresponding “average daily balance.” To get the “average daily balance” for a Transaction Type we take the beginning balance for that Transaction Type each day, add any new transactions of that type (excluding new purchases), and subtract any unpaid interest or other finance charges and any applicable payments or credits. This gives us the daily balance for each Transaction Type. Then, for each Transaction Type, We add up all the daily balances for the billing cycle and divide each total by the number of days in the billing cycle. This gives us the “average daily balance” for each Transaction Type.
Sample 1

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