The total amount you pay each month stays the same. How it is applied to what you owe (in interest, late fees, and principal) can change, depending on if you paid on time, early, or

Interest is calculated daily and adds up each day between your monthly payments. For example:

Your daily interest charge is $5.

• If the time between your current payment and your last payment is only 20 days, you would owe 20 days of interest at $5 a day. That equals $100.
• If the time between your current payment and your last payment is 30 days, you would owe 30 days of interest at $5 a day, or $150.
• If the time between our current payment and your last payment is 40 days, you would owe 40 days of interest at $5 a day, or $200.