Here's a breakdown of the monthly processing fee (0.75% per month of the total purchase value) for both Pay-in-9 and Pay-in-12:
Pay-In-9 example:
Total purchase value: $900
Monthly processing fee (Consolidated): 0.75% * 9 months * $900 = $60.75
Total bill: $900 + $60.75 = $960.75
Amount to be paid monthly: $960.75 / 9 months = $106.75
Pay-In-12 example:
Total purchase value: $900
Monthly processing fee (Consolidated): 0.75% * 12 months * $900 = $81
Total bill: $900 + $81 = $981
Amount to be paid monthly: $981 / 12 months = $81.75
These examples show how the monthly processing fee is calculated and how it affects your monthly payments.