When a standard payment arrangement is set up the system will calculate the last installment amount for you. This amount is calculated in the following manner:

Qualifying balance divided by the regular installment amount or number of installments.

- If the final installment payment comes out to be less than 25% of the regular installment amount then that difference is added to the previous regular installment making the final installment amount higher than the regular installment amount.
- Ex. Qualifying balance is 3397.74 and the installment amount is 277.50. If you divide 3397.74 by 277.50 you get 12 regular installments of 277.50 and a difference of 69.38. 69.38 is less than 25% of 277.50 so it will be added to the final payment of 277.50 making the final installment payment 345.24.
- If the final payment comes out to be greater than 25% of the regular installment amount then the system will add an additional installment making the final installment amount less than the regular installment amount.
- Ex. Qualifying balance is 3397.74 and the installment amount is 277.00. If you divide 3397.74 by 277.00 you get 12 regular installments of 277.00 and a difference of 73.74. 73.74 is greater than 25% of 277.00 so it is not added to the final payment of 277.00. The system will calculate a 13th installment making the final installment payment 73.74.

NOTE: If the last payment is NOT an equal part and the remained is less than 50% of the final payment then the last payment could be more than normal. For example: Debtor owes $105.00 and pays $10.00 per month, in reality the last payment shoudl be $5.00, we will make the last payment amount $15.00

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