If a customer is receiving an extension on an expired EBO, the calculation is performed as follows.

Amount Financed: This is the initial amount of money that was borrowed or financed.

State Tax: This is the tax imposed by the state on the financed amount.

$79: This is the convenience fee

EBO: This is the amount to close out the account within 101 days,(the principal amount+ state tax, and the additional $79.

Total Paid: This is the total amount the customer have paid towards the lease.

 

So, your equation is:

EBO= Amount Financed + State Tax + $79

And then,

EBO − Total Paid = Remaining Outstanding EBO Balance

You would subtract the total amount paid from the original EBO balance to find out how much is still owed.