Navigation:  Loan Screens > Payoff Screen > Balances tab > Payoff Fields field group >

Interest Code

Navigation:  Loan Screens > Payoff Screen > Balances tab > Payoff Fields field group >

Interest Code

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Entry: System, numeric

F/M: No

Mnemonic: POIBAS

Screen: Loans > Payoff > Balances tab

 

This field displays a code number which indicates how the Accrued Interest value is calculated. Possible codes in this field are:

 

CODE DEFINITION
1 365/365 days per year, 366 days on leap year
2 360/360 days per year
3 365/360 days per year
4 360/365 days per year
5+ 366/366 days in a leap year
101* 365/365 days per year, 366 days on leap year
102* 360/360 days per year
103* 365/360 days per year
104* 360/365 days per year
105* 366/366 days in a leap year

 

+ For a leap year, if the interest period includes two years (such as 12/15/12 to 01/15/13), the period from 12/15/12 (the leap year) to 01/01/13 will use the 366-day basis and the period from 01/01/13 to 01/15/13 will use the 365-day basis.

 

* This code allows loans to have different due dates or to have interest paid in advance.

 

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