Article Details
| Id: | 9999 |
| Product: | finPOWER Connect |
| Type: | FIX |
| Version: | 1.05.06 |
| Opened: | 11/05/2012 |
| Closed: | 11/05/2012 |
| Released: | 25/05/2012 |
| Job: | J009592 |
 High Importance |
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Default Interest Rate; Premium Rate not working as expected in Startup period
The Default Interest Rate was not working as expected in the start-up period when set to Premium.
finPOWER Connect was attempting to use the Ongoing Interest Rate as the base for the premium. This meant, if the Startup period was Interest Free, Default Interest was charged at the Ongoing Interest Rate plus the premium, rather than just the premium rate.
This has been changed so that a "premium" Default Interest Rate will be the actual rate used to calculate default interest on the day in question.
Note, this does not apply to Revolving Credit Loans.