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What is the margin loan rate and how is it calculated? |
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The interest rate is charged on net debit balances (the amount that you have borrowed). It is calculated by a formula based on our clearing corporation's base rate. Interest is computed by multiplying the daily net debit balance by the effective rate of interest divided by 360. The annual rate of interest you will be charged may vary from a minimum of 0.5% to a maximum of 3% over the base rate, depending on the amount of your total debit balance. The average rate of interest is subject to change without prior notice.
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