Article Details
Id: | 18077 |
Product: | finPOWER Connect |
Type: | NEW |
Version: | 3.04.00 |
Opened: | 24/09/2020 |
Closed: | 14/04/2021 |
Released: | 30/06/2021 |
Job: | J025124 |
Standard Transactions; new "per annum" option for percentage basis rates
A new "Per Annum" option for percentage basis Standard Transactions has been added.
This allows you to specify an annualised Rate, e.g. 12%, rather than a per frequency rate, e.g. 1% (if monthly).
It also helps with rounding errors on large values. For example, a fee of 1.75% per annum (charged monthly) on a Credit Limit of $5,000,000 is $7,291.67 per month - but a monthly rate of 0.1458% equates to $7,290.00.