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This article aims to explain how finance charges are assessed. Finance Charges are generated by running the Statements Manager. Please refer to this article for more information on the Statements Manager.
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Finance Charge |
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FormulaFinance charges are calculated using these formulas:
The Monthly Rate (%), Min. Finance Charge, and Max. Finance Charge are set in the Finance Charges tab in the Statements Manager. |
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What's the Assessable Balance?When the Statements Manager is run, it checks for the Assessable Balance, the portion of the balance that qualifies for finance charges.
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