Common Contracts
1 similar Retail Credit Application and Agreement contracts
RETAIL CREDIT APPLICATION AND AGREEMENTRetail Credit Application and Agreement • June 8th, 2017 • Ontario
Product Description (“Product”) CALCULATION OF BORROWED AMOUNT AND COST OF BORROWING all fields (1 to 6 ) MUST be completed before agreement is signed 1. Purchase Price of Products:(minimum $2,500) Payment Example: Equal Monthly Payment $5,000 X 0.02071 = $103.55 Interest Rate Term Borrowed Amount Rate Factor 2. HST:(1 x 13%) 8.9% 60 $5,000.00 0.02071 Monthly Payment Calculation:Administration Fee: The Administration Fee shall be added to and debited along with your first Monthly Payment.Borrowed Amount: The Borrowed Amount is defined as the amount including taxes that you direct us to pay on your behalf to the Supplier as indicated by initialing the invoice or from the Supplier.Cost of Borrowing: Your Total Cost of Borrowing is calculated by multiplying the Estimated Monthly Pmt. by the Loan Term plus the Residual (see Section 7) plus the Administration Fee minus the Borrowed Amount. In the payment example, the Total Cost of Borrowing is$1,168.00 ($102.80 X 60 = $ 6,168.
