Any payments received after 12:00 p.m. the 20th of the month are considered fully delinquent. Finance charges, for which Customer is fully liable, are applied to all past due accounts the 15th of the month following billing. The monthly finance charge is 1.75% of the past due balance, or .50 minimum. Customers with past-due balances of 60 days or more days will have their credit suspended. Thereafter, purchases on account may only be made after payment is received, or arrangements made with the collections manager.