Interest Rate Codes (tfacr5103m000)
Use this session to view the Interest Rate Code used to calculate the penalty for the overdue Interest on the late payment of sum due. The interest calculation is based on:
- Days Overdue
- Periodical Interest
Field Information
- Interest Rate Code
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The code for the penalty interest. Penalty interest is calculated for interest amount that is overdue.
- Description
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The description of the Interest Rate Code.
- Calculation Method
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The method used to calculate interest amounts.
Allowed values
- Days Overdue
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The option to calculate interest based on the rates defined for the number of days by which a payment is overdue.
- Periodical Interest
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The option to calculate interest based on the rates defined for effectivity dates.