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ADJUSTABLE RATE NOTE (1 Year Treasury Index Rate Caps)THIS NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN MY INTEREST RATE AND MY MONTHLY PAYMENT. THIS NOTE LIMITS THE AMOUNT MY INTEREST RATE CAN
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Interest will be charged on any outstanding balance that is not paid by the due date.
Anyone who has an outstanding balance that is subject to interest charges.
Interest charges can be calculated based on the outstanding balance and the interest rate. The calculated amount should be reported on the appropriate form.
The purpose of charging interest is to incentivize timely payment of outstanding balances.
The amount of the outstanding balance, the interest rate, and the calculated interest charges must be reported.
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