Loans > Loan Screens > Account Information Screen Group > Precomputed Loans Screen

The Unearned Interest field group on the Precomputed Loans screen displays unearned and rebated interest information concerning this loan.

laipl_unearnedint

The fields in this field group are as follows:

Field

Description

Original Unearned Interest

Mnemonic: LN78OI

This field displays the original amount of interest, precalculated and estimated to be due over the life of the loan. This amount is added to the original principal to arrive at the financed amount of this loan.

Unearned Int. at Last Accrued

Mnemonic: LN78CI

This field displays the amount that has yet to be earned by your institution as of the date of last accrual for the amortization of precomputed interest. The Int Rebate Method field affects how the loan amortizes interest.

	Note: If the amount in this field calculates to be less than $1 (if the Minimum Interest Rebate Limit field is set to "1.00"), the entire Original Unearned Interest amount above is earned by your institution, and nothing will be in this field.

The Date Last Accrued field can be found on the Account tab of the Loans > Account Information > Account Detail screen.

Rebated Interest

Mnemonic: LN78RI

This is the amount of interest that was rebated to the borrower at payoff. An amount appears in this field after the Payoff transaction is run and the account is closed. If the account is due a rebate on Payoff, the Adjustments tab on the Payoff screen will display the amount of the rebate as "INTEREST REBATE."

Many different factors affect the amount of rebated interest. See these fields for more information:

•Rebate Rule Days

•Int Rebate Method

•Refund Rule

•Minimum Earned Interest

•Minimum Interest Rebate Limit