How do you calculate the monthly fee for my Scotia SelectPay Installment Plan?
Here's how we calculate the monthly installment fee:
- The full purchase transaction amount is multiplied by your total fee %
- Then, divided by the number of months you select for your installment plan
For example: You recently purchased a $600 laptop and you decide you want to convert the purchase to a 3-month installment plan with a total fee of 2%.
Here’s the breakdown of your installment plan payments:
- Monthly installment principal amount = $600 / 3 months = $200
- Monthly fee amount = $600 X 2% /3= $4
- Total monthly installment payment (including fees) = $200 + $4 = $204