Examples of Cost of Borrowing in a sentence
The Special Charge (Actual) shall equal the sum of (a) the Funding Amount, (b) the Cost of Borrowing, and (c) the Administrative Charge.
If you only prepay part of the outstanding balance, you are not entitled to any refund of amounts paid forming a part of the Total Cost of Borrowing.
The Special Charge (Estimated) was calculated as follows: Special Charge Term (years) Program Interest Rate (%) Estimated Funding Amount Cost of Borrowing Administrative Charge Special Charge (Estimated) The monthly payment amount of the Special Charge (Estimated) is [AMOUNT].
Starting on the Commencement Date, interest will begin to accrue on the Borrowed Amount at the Annual Interest Rate and the Cost of Borrowing is computed at the end of a monthly payment period by multiplying the Interest Rate by the outstanding balance of the Loan (the “Outstanding Balance”) at the commencement of such payment period, and by multiplying the product thus obtained by the fraction represented by the number of days in the payment period in relation to 365 days.
If you prepay the full outstanding balance, we will refund the portion of each such charge that was paid and forms part of the Total Cost of Borrowing to the extent required by law.