Patent ID: 6836764
Filing Date: 2004-12-28
Classification: G06Q

Abstract:
A data storage medium including machine readable code thereon for use in a computer system or a computer network said computer system or computer network having a system for storing information, and a system for calculating financial information, the storage medium comprising:means for storing information in a memory device pertaining to a credit customer's account, calculating applied interest and finance charges and transmitting display information about said account, said information selected from a group consisting of a value of an outstanding balance of said account and an amount of a payment transaction pertaining to said account; means for determining an applied interest rate based on a percentage determined by a ratio determined by the amount of said transaction amount in relation to said account parameter; means for calculating a finance charge from said applied interest rate; and means for adding said finance charge to said interim outstanding balance to get a new outstanding balance, and storing said new outstanding balance.