'Create your own calculator': Advanced clauses and interest rules - ProDebtCalc
You can add advanced clauses to any calculator, or you can "create
your own calculator" which consists of nothing but advanced clauses.
The standard built-in calculators have a checkbox labeled
"Show advanced options." If you check it, then the following buttons
- Specify interest rate and rules
- Add advanced closing fee
- Add recurring fee clause
- Add arbitrary advanced clause
The second and third of these buttons are provided for convenience, as
the fourth button could be used to add any type of advanced clause.
In the case of "Create your own calculator," there are three
more convenience buttons:
- Add a payment clause
- Add advance, purchase or initial balance
- Add recurring cash advances or purchases
These buttons can be used to add any of the following types of
- Payment or recurring payments.
- Advance/purchase or recurring advances/purchases.
- Fee or recurring fees. There are numerous options for
specifying the types of fees and how they are applied.
- Interest Assessment Rule. You can specify how interest
is to be computed for all advance/purchases clauses, or you
can specify different interest rates and specifications
for each separate advance/purchase clause.
These are described in the following sections.
Common fields for all clauses
- Start date -- The only date (one-time), or the first
- 6-char mnemonic -- This is for your convenience, to help you
understand the amortization table. Each line in the amortization table
comes from one of the transaction clauses (payment, advance, etc.), and
you can specify a mnemonic representing the clause.
- Clause description -- Your description of the clause.
- Frequency -- select "One Time" or "Recurring"
Interest Assessment Clause
Date and recurring date specifications
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