Document ID: chunk:federal_register_of_legislation:F2024C00882:reg:79b:p2
Version: federal_register_of_legislation:F2024C00882
Segment Type: reg
Provision Reference: reg 79B (pt 2/2)
Character Range: 344156–345094

section 180 of the Code will apply to the calculation.
 (7) In this regulation:
[date] means the repayment due date.
[period] means the time, in years and months, needed to repay the closing balance, making the minimum repayment each month until the balance is repaid.
purchase rate means the rate which applies to the purchase of goods and services under the credit card contract.
[repayment 2] means the monthly repayment required to pay off the closing balance in 2 years.
[savings 2] is the difference between [total interest 1] and [total interest 2].
[total interest 1] means the total interest payable if the customer is making the minimum repayment each month until the balance is repaid.
[total interest 2] means the total interest that the consumer would be charged if the consumer made payments of [repayment 2] to pay off the closing balance in 2 years.

Part 7‑2B—Additional rules in relation to small amount credit contracts