Past Due Accounts
A FINANCE CHARGE will be imposed on each item of your account which has not been paid within 60 days of the billing date. The FINANCE CHARGE is computed at the rate of one percent per month, or an ANNUAL PERCENTAGE RATE of 12%.
The FINANCE CHARGE is computed by taking the second to the last month's statement balance and subtracting any payments, credits, financial aid or refunds during the succeeding two months. The remaining balance owing, if any, is multiplied by one percent to obtain the periodic finance charge.
Last update on May 16, 2005