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How is interest calculated on my Line of Credit?

For the revolving portion of your Line of Credit, interest is calculated on a daily basis on the outstanding principal balance and payable on a monthly basis.

Should you choose to lock in all or a portion of your balance with our Fixed Rate Advantage Option, interest on a secured Line of Credit is calculated on a semi-annual compounding basis on the outstanding balance of the fixed portion daily from the date of the last payment, and is collected in the regular payment. Interest on the locked-in portion of an unsecured Line of Credit is calculated on a daily basis on the outstanding principal balance and payable on a monthly basis.

 

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