Financing Payment Estimator Settings

Financing Payment Plan Settings > Actions > Financing Payment Estimator Settings

Use this routine to control how the Finance Payment Estimator works. The interest rate, term months, and promotional term months entered on this screen for the current finance plan are used only by the Finance Payment Estimator for estimating payments. If both the term months and promotional term months are indicated for a payment plan, then when the finance payment estimator is used, estimated payment amounts are calculated for the Full Plan and for the Promotional plan. You can leave the Interest Rate Percent and Term Months empty, if the Full Plan amounts are not desired/required in the Finance Payment Estimator.

In order to use the Finance Payment Estimator, at least one of the following settings must be populated. If the settings are left blank for a plan, the plan appears in the available Finance Plan list, but an error message displays when that plan is selected in the estimator.

Indicate the interest rate percentage to be used when calculating estimated monthly payment amounts for plans that include interest.

Enter the number of months in the term to be used when calculating estimated monthly payments that include interest.

Enter the number of months in the promotional plan during which no interest is charged.

Use this optional field to perform percentage of balance calculations when using the Finance Payment Estimator with this plan. Entry must be numeric and greater than zero. Up to 4 decimal places can be entered. If Term Months is entered, you must leave this field blank, and vice versa. However, entry of Promotional Term Months and % of Balance is allowed. The calculation performed by the estimator for % of balance plans does not include interest charges. The calculation divides the Finance Amount by the value in this field.

Use this optional field to indicate a minimum monthly payment amount when using the Finance Payment Estimator with this plan. If you enter an amount here, it is assigned as the Monthly Payment in the estimator if the calculated MMP is lower than this amount. If the Finance Amount is lower than the amount entered here, the MMP is set to the Finance Amount. Entry must be numeric and greater than zero. Up to 2 decimal places can be entered.

Click Save to update your changes and return to the Financing Payment Plan Settings.