Total outstanding x interest rate (PHP 1,000 x 3% x (Number of days used before statement date) / 30 = PHP 30 x 10 / 30 = PHP 10)
For Term Loan:
The monthly installment is computed based on the formula:
• {(P x I x N) : P)} n , where
• P = Approved amount
• I = Interest rate per annum
• N = Tenure of Term Loan in years
• n = Tenure of Term Loan in months
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