"That any late payments shall accrue interest from the date of the late installment until paid in full"
For example: a principal amount of $5000.00 is owed, and installments are to be made every month for a given amount on a set date. The installment was late and therefore interest can now be charged every month until the total balance or total amount of $5000.00 is paid in full.
The term "paid in full" is somewhat ambiguous. It's not entirely clear whether interest would run until the installment is paid in full (payments are caught up) or until the entire debt is paid in full. However, since only the late payment is accruing interest (not the entire debt) the interpretation that makes the most sense is that interest would accrue on the late payment until the payments (including interest) are fully caught up.
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