Daily Periodic Rate definition

Daily Periodic Rate means the APR divided by the number of days in the year (365 days, or 366 days in the case of a leap year). • Finance Charge is the cost of credit as a dollar amount. It includes the Interest Charge plus disclosed Transaction Fees. • Interest Charge is the periodic rate charge based on the applicable APR. It is a component of the Finance Charge and is defined in more detail in Section 6. Your Total Interest is a summary of the Interest Charges for each balance and associated APR.
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Daily Periodic Rate or “DPR” means the applicable APR divided by 365.
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Daily Periodic Rate or “DPR” means the applicable APR divided by 365 (by 366 during leap years). The DPR for Purchases and Cash Advances is 0.032876712329% (0.032786885246% in a leap year).
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Examples of Daily Periodic Rate in a sentence

  • Your payments under this Agreement, including the amount of the FINANCE CHARGE, will increase as a result of the increase in your Daily Periodic Rate and ANNUAL PERCENTAGE RATE, and any such increase in your Daily Periodic Rate and ANNUAL PERCENTAGE RATE will be shown on your periodic statement.

  • We will reinstate your Daily Periodic Rate and ANNUAL PERCENTAGE RATE to the rate set forth in this Agreement once you have made six consecutive Minimum Payments on or before the due date, starting with the first billing cycle after the Penalty APR is imposed.

  • If your required Minimum Payment (shown on your periodic statement as “Minimum Payment Due”) is not received within 60 days of the payment due date, we may increase your ANNUAL PERCENTAGE RATE for Purchases and Cash Advances and any applicable promotional rates to a .0493% Daily Periodic Rate and an ANNUAL PERCENTAGE RATE (“Penalty APR”) of 18.00% fixed for the entire outstanding balance.

  • For example, if the Current Index was 7.50% and the Rate Spread 7.99, the ANNUAL PERCENTAGE RATE would be 15.49% and by dividing this percentage figure by 365, we would compute a Daily Periodic Rate of .0424%.

  • The effect of any increase in the ANNUAL PERCENTAGE RATE and the Daily Periodic Rate for Purchases would be to increase the amount of interest you must pay and thus increase your monthly payments.


More Definitions of Daily Periodic Rate

Daily Periodic Rate. The Annual Percentage Rate for Purchases, Balance Transfers and Cash Advances is % which corresponds to a daily periodic rate of %
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Daily Periodic Rate or “DPR” means the applicable APR divided by 365. DPRs are used to calculate your interest for all cardholders that are not residents of Iowa when your Account is opened.
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Daily Periodic Rate. The Daily Periodic Rate will be 0.0436% with a corresponding APR of 15.90%.
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Daily Periodic Rate. The corresponding daily periodic rate is: % - _ %. Minimum Payment Requirement: 2% of the outstanding balance.
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Daily Periodic Rate or “DPR” means the applicable APR divided by 365 and “Monthly Periodic Rate” or “MPR” means applicable APR divided by 12.
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Daily Periodic Rate. The Daily Periodic Rate will be 0.0192% with a corresponding APR of 7.00%. Application of Penalty APR: Your APR may be increased to the disclosed Penalty APR if You terminate employment with Us for any reason, voluntary or otherwise, unless You have accumulated 10 years of employment with the Credit Union at the time of termination. Phone Transfer: $3.00 for each transaction. Late Payment Fee: 20.00% of the interest due will be charged to Your Account if You are 10 or more day(s) late in making a payment. Returned Payment Fee: $29.50 will be charged to Your Account if Your payment is returned for any reason. Minimum Payment: $140.00 Your minimum payment is determined by Your Credit Limit. However, Your minimum payment will never exceed Your outstanding balance. If Your credit limit increases, Your minimum payment will be adjusted accordingly.
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Daily Periodic Rate is a daily interest rate. The daily periodic rate for a given balance is equal to the APR for that balance divided by 365 (or by 366 in a leap year). • How we get the interest charge for the Billing Cycle: We will then add up the interest for all the balance types, to get the interest for the Account.
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