actuarial method

(1) Actuarial method The term “actuarial method” means the method of allocating payments made on a debt between the amount financed and the finance charge pursuant to which a payment is applied first to the accumulated finance charge and any remainder is subtracted from, or any deficiency is added to, the unpaid balance of the amount financed.


15 USC § 1615(d)(1)

Scoping language

For the purpose of this section
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