Article Details
| Id: | 15590 |
| Product: | finPOWER Connect |
| Type: | FIX |
| Version: | 3.01.08 |
| Opened: | 18/09/2018 |
| Closed: | 27/10/2018 |
| Released: | 13/12/2018 |
| Job: | J021371 |
Commission Rule Basis "Present Value (Amount Financed)"; not correctly factoring in Residual Value
The Commission Rule Basis of "Present Value (Amount Financed)", added in version 3.01.00, did not correctly factor in a Loan's Residual Value.
The PMT value for "Present Value (Amount Financed)" was calculated as (Amount Financed + Total Interest) / NPer. It has been updated to (Amount Financed + Total Interest - Residual Value) / NPer.