FIX3.01.08 · Released 13 December 2018

FIXfinPOWER Connect

Released in

3.01.08

13 December 2018

1. Opened18 Sep
2. Closed27 Oct
3. Released13 Dec

Article 15590 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.