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What is simple interest and how is it computed?

Your account is calculated using the simple interest method. This means interest accrues on a daily basis and assumes you will make your payments on your scheduled due date. The amount of interest accrued daily can vary based on the amount of the principal balance and the number of days between payments.

Daily, or per diem, interest is determined by multiplying the loan’s principal balance by the contract interest rate, divided by 365.
Example: ($10,000 x 18%) / 365 = $4.93 daily interest

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