Do NOT type the monthly percentage rate in the Annual Finance Charge column. Any finance charge rate defined on a payment plan will override this Subsidiary Control table rate for individuals on that payment plan.
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Do NOT type the monthly percentage rate in the Annual Finance Charge column. Any finance charge rate defined on a payment plan will override this Subsidiary Control table rate for individuals on that payment plan. |
Use the Subsidiary Control window to define what annual percentage rate you are charging for unpaid balances. Type the annual percentage rate for your finance charges in the Annual Finance Charge column.
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If you are charging 18%, type 18. If you are charging 18 1/2 percent, type 18.5. |
The following formula is used for calculating the amount of the regular finance charge:
Finance Charge = (Finance charge percent from the Subsidiary (SBS) Control table / 365.25 days in a year) x (Period End date from the SBS Control table - Last statement date from individual's AR SBS Master table) x [Statement balance - (Current payments + Other credits )]
Finance charge = (Fin chg % / 365.25) X (Per end dt - Last stmt dt) X [Statement balance - (Curr pmts + Other Credits)]
