1. Under an agreement for a loan for an indefinite term, the licensee may receive interest in any amount or at any annual rate provided in the agreement. This interest must be calculated for each billing cycle in either of the following ways: (a) By multiplying the daily rate by the daily unpaid balance in the account. The daily rate is determined by dividing the annual rate of interest fixed by the agreement by 365. The daily unpaid balance is determined by adding to any balance remaining unpaid as of the beginning of each day any advances and any appropriate charges, including interest, and by deducting therefrom any payments or other credits made or received on that day. (b) By multiplying the monthly rate by the average unpaid daily balance in the account for that billing cycle. The monthly rate is determined by dividing the annual rate of interest by 12. The average unpaid daily balance is determined by dividing the sum of all of the daily unpaid balances during the billing cycle by the number of days in the cycle. 2. Unless otherwise provided in the agreement, the billing cycle must be monthly. A billing cycle is monthly if the closing date of the cycle is the same date each month or does not vary by more than 4 days from that date.
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