Content Comparison

Overview

A service can be configured to calculate interest automatically.  When a service is not configured, a manual assignment is generated so that interest can be calculated using the provided calculator.  The interest is refunded in the Interest Maintenance step.

Calculator View 

The calculator view is included in the Interest Calculation assignment and prompts the user to input the appropriate interest rate (%), along with the desired start and end dates to calculate the amount of interest. The application automatically factors in the disputed amount. Image Removed

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Freeform Entry View

The freeform entry ais included in the Interest Calculation assignment and allows the user to input the appropriate interest amount instead of utilizing the calculator view. The application will update the interest amoutn amount based on the amount entered by the user.

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Calculation Formulas

Compound Interest

The compound interest formula below is used to calculate the interest and is then applied based on the start and end dates selected.  The interest accrued is then applied to the transaction amount for any subsequent rows so that the total amount calculated is cumulative. 

i = (((((((r/100)/c)+1)^c)-1)*t)/c)*d

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d –  days in interest cycle

Simple Interest

The simple interest formula below is used to calculate the interest and is then applied based on the start and end dates selected. The interest accrued is then applied to the transaction amount for any subsequent rows so that the total amount calculated is cumulative. 
i = t((r/100)/c)*d

i –  Interest Amount

r –  Interest rate as a %

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d – days in interest cycle

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Configuration

To configure if, and how, Interest Calculation is executed, update Interest Calculation Pre-Conditions.

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To override the default compound interest calculation and use simple interest instead, or to use the 360 day formula instead of the 365 day formula, see Client Settings.

References