NEW1.03.00 · Released 24 March 2011
NEWfinPOWER Connect
Released in
1.03.00
24 March 2011
- Opened7 Mar
- Closed7 Mar
- Released24 Mar
Article 8536
Job J007031
Loan Contract template; Updated "Method for charging interest" block for Annualised Interest
The "Method for charging interest" block for Annualised Interest in the Loan Contract template has been updated.
It now states, given an End of Month Interest cycle:
Method of charging interest
Interest charges are calculated by multiplying the average unpaid daily balance for the preceding month by a monthly interest rate. The monthly interest rate is calculated by dividing the annual interest rate by 12. Interest is charged to your account every end of month.
The VBA document amended is "Loan_Contract_NZCCCFA.dot".