| Id: | 10082 |
| Product: | finPOWER Connect |
| Type: | NEW |
| Version: | 1.05.07 |
| Opened: | 16/05/2012 |
| Closed: | 06/06/2012 |
| Released: | 15/06/2012 |
| Job: | J009638 |
 High Importance |
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Interest; new option to charge precomputed Interest during the normal Term of a Loan
There is a new option to charge precomputed Interest during the normal Term of a Loan.
Already there is a setting under Account Types, Interest Rate options page "Charge precomputed Contractual Interest upfront?". This option charges all precomputed Interest on the date the Account is opened. During the term Interest transactions are created, but have a zero value - but may include Default Interest.
There is a new setting under Account Types, Interest Rate options page "Charge precomputed Contractual Interest during normal Term?". This charges the original precomputed interest during the Term of the Account.
In both cases, after the Maturity date has past, Interest is charged on the Balance of the Account, or otherwise depending on Account Type settings.
Note, the two precomputed options are mutually exclusive, ie you may only use one or the other.