Common Contracts
1 similar Finance, Investment & Banking contracts
ContractFinance, Investment & Banking • September 26th, 2019
This Agreement Includes the Entire Page When finance charge accrual starts? A co-op patron has 30 days from the closing date to pay the new balance before finance charges will accrue on the account. Is there a time period during which credit may be repaid without incurring a finance charge? Yes. Finance charges will be imposed on any new purchases only if they are not paid in full by the end of the month following the closing date. What is the finance charge rate? A periodic rate of 1.5% per month is charged on all balances still owing on the 1st day of the second month following the month in which credit wasextended. THE ANNUAL PERCENTAGE RATE IS 18%. Method used to figure the balance on which the finance charge will be computed? Credits and payments are deducted from owing finance charges first, and, second, from the previous past due balance to arrive at the new past due bal- ance on which the finance charge for the following month is computed. How will the finance charge be deter
