Sentences with phrase «periodic daily interest»

The mathematical formula used to calculate monthly interest charges is the same for most card companies: average daily balance x periodic daily interest rate x number of days in a billing cycle.

The periodic daily interest rate is the APR assigned to your account, which is then divided by 365.

Most companies have a mathematical formula that looks like this: average daily balance x periodic daily interest rate x number of days in a billing cycle = finance charge.

Not exact matches

The daily periodic interest rate is a little more complicated to calculate but it is similar in nature.

Other credit cards charge interest monthly by applying the monthly periodic rate to the average daily balance.

Some credit cards charge interest daily by applying the daily periodic rate to the balance at the end of each day.

We calculate the interest charge on your account by applying the periodic rate to the «average daily balance» of your account (including current transactions).

The Interest Charge imposed during the billing cycle will be determined by multiplying the Average Daily Balance by the Periodic Rate.

METHOD USED TO DETERMINE THE BALANCE ON WHICH THE INTEREST CHARGE MAY BE COMPUTED AND AMOUNT OF INTEREST CHARGE The Credit Union figures the Periodic Interest Charge on your Account by applying the Periodic Rate on the «Average Daily Balance» of purchases and previous unpaid cash advances for your INTEREST CHARGE MAY BE COMPUTED AND AMOUNT OF INTEREST CHARGE The Credit Union figures the Periodic Interest Charge on your Account by applying the Periodic Rate on the «Average Daily Balance» of purchases and previous unpaid cash advances for your INTEREST CHARGE The Credit Union figures the Periodic Interest Charge on your Account by applying the Periodic Rate on the «Average Daily Balance» of purchases and previous unpaid cash advances for your Interest Charge on your Account by applying the Periodic Rate on the «Average Daily Balance» of purchases and previous unpaid cash advances for your Account.

This method applies a daily periodic rate to the «principal» and «accrued interest» in the account each day.

For any given account, the interest charged is equal to the card's periodic rate multiplied by the average daily balance and number of days in a billing period.

To calculate the periodic interest for the month of August, take the average daily balance × the number of days in the billing cycle × the periodic interest rate.

The daily periodic rate is the interest rate charged on a loan's balance on a daily basis.

Interest is calculated by the average daily balance method, which applies a periodic rate to the average daily balance in the account for the period.

Total Credit Card Interest for Month = Balance x Daily Periodic Rate x Number of Days in Billing Cycle

This is because, as stated previously, interest is accumulated daily, while APR is the annual periodic rate.

daily periodic rate [top] The daily periodic rate is your annual interest rate expressed on a daily basis.

Daily balance computation method - Interest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account eachDaily balance computation method - Interest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account eachdaily balance method which applies a daily periodic rate to the balance in the account eachdaily periodic rate to the balance in the account each day.

Next, multiply your periodic interest rate by your average daily balance, then multiply that number by the number of days in the period:

The interest on your purchases, cash advances, and balance transfers is calculated using the Daily Periodic Rate and the number of days in the billing cycle.

The result is called the periodic interest rate, or sometimes the daily periodic rate.

Interest is calculated by the daily balance method, which applies a periodic rate to the end of day balance in the account each day.

(2) Assume an institution calculates interest on the average daily balance for the calendar month and provides periodic statements that cover the period from the 16th of one month to the 15th of the next month.

The annual percentage yield earned for periodic statements under § 230.6 (a) is an annualized rate that reflects the relationship between the amount of interest actually earned on the consumer's account during the statement period and the average daily balance in the account for the statement period.

(3) Assume an institution calculates interest on the average daily balance for a quarter (for example, the calendar months of September through November), and provides monthly periodic statements covering calendar months.

Institutions that use the daily balance method to accrue interest and that issue periodic statements more often than the period for which interest is compounded shall use the following special formula: APY Earned =

Assume an institution calculates interest for the statement period using the daily balance method, pays a 5.00 % interest rate, compounded annually, and provides periodic statements for each monthly cycle.

«The next day of the billing cycle your balance would be $ 13003.65 and multiplied by the daily periodic rate would add interest charges of $ 3.6475, which begins to add up,» Ossenfort says.

«Each day the balance of your account is multiplied by the daily periodic rate and the interest calculated is added to your balance,» he says.

We calculate a portion of your Interest Charge by multiplying a Monthly Periodic Rate by your Average Daily Balance of Purchases (including new Purchases for which there is no grace period), and by multiplying a Daily Periodic Rate by your Average Daily Balance of Cash Advances (including new Cash Advances).

We calculate a portion of the Interest Charge on your Credit Account by applying a Daily Periodic Rate to the «Average Daily Balance of Cash Advances» on the Account.

We calculate a portion of the Interest Charge on your Credit Account by applying a Monthly Periodic Rate to the «Average Daily Balance of Purchases» on the Account (including new Purchases for which you do not have a grace period).

We add together the results of these daily calculations to get your total Interest Charge for the Billing Cycle, subject to a minimum Interest Charge of $ 1.00 for each Billing Cycle during which Interest Charges based on a periodic rate are imposed.

To compute your interest charge for the month, multiply your average daily balance by the daily periodic rate and multiply by the 30 days in the period:

How interest is calculated: The interest is generally calculated by dividing the APR by 365 or 360 to get a «daily periodic rate» and then either applying that rate to the balance at the end of each day, or multiplying the rate by the number of days in the billing cycle and the average daily account balance during the billing cycle.

The bank charges a daily periodic rate, which is your interest rate — 15 % — divided by 360 or 365, depending on the rate the card company uses.