The bank caclulates loan interest as "simple" interest -- for every paymentperiod, multiply the current outstanding principal by the current interest rate to determine the interest payment.
It secured a grace period, and now has less than a month to make the missed interestpayment.
它获得了一个宽限期，现在距需支付以前未支付的利息的时间还有不到一个月。
3
The Contractor shall be entitled to interest at the rate stated in the Appendix for each day the Employer fails to pay beyond the prescribed paymentperiod.