Article Details
Id: | 10302 |
Product: | finPOWER Connect |
Type: | FIX |
Version: | 1.06.00 |
Opened: | 11/07/2012 |
Closed: | 11/07/2012 |
Released: | 01/08/2012 |
Job: | J009990 |
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Account Calculations; Total Interest calculation fails with message
Entering the "Total Interest" in either the New Account or Account Quotation wizards may fail with the message:
Cannot calculate Interest Rate from Total Interest value.
Cannot calculate Account Payment value.
The Payment value cannot be calculated. Reasons for this include:
- The Balance Payable is spread over too many Payments.
- The Final Payment date does not coincide with the Maturity date.
Consider:
- Decreasing the Term.
- Changing the Payment frequency.
- Changing the First Payment Period to 'Standard'.
- Using a Balloon Payment.
This is because during the calculation iterations the "interest rate" guess caused an error. The logic on how this works has been updated.
To recreate:
- Setup an Account Type that "Allow entry of Total Interest to calculate Interest Rate?" and the Interest Calculation option Accrued Interest is "Annualised".
- Enter an Account Quotation. Loan Advance is $26,580.00, Term 156 Weekly, Payments Weekly, Interest Weekly.
- Enter Interest Rate as 20% and click "Calculate". This should calculate Interest as $8,816.12 and payments of $226.90, final $226.62.
- Click the Interest Total calculate button and enter $8,816.24.