If you have a retail installment contract with an interest rate greater than 0%, then interest will continue to accrue on your account. Your next payment will be applied first to any earned and unpaid interest and then to other amounts you owe. Because of the extension, your unpaid amount financed, or the principal balance, may not be reduced as rapidly as it would have under your original payment schedule. This may result in you owing more interest over the term of your contract than originally disclosed on your contract.
Interest does not accrue on lease extensions