This is how a lease option should work: After securing the go-ahead from a mortgage broker and before moving in, your potential buyer will give you a healthy, nonrefundable deposit to go toward the down payment of the house -- typically, 3 to 5 percent of the purchase price.
The amount of interest that accrues on your loan is determined by a simple daily interest calculation: Your current principal balance Ã The number of days since your last payment Ã Interest rate factor = interest rate Ã· 365.25 (number of days in a year) = Your daily interest rate.
Figuring Average Daily Balance. Most credit card issuers calculate interest in a statement cycle on the average daily balance. That's the balance at the end of each day, plus new charges and minus any credits, multiplied by the daily periodic rate of interest -- the card's stated annual rate divided by 365.