Glossary
Amount to be Amortized
Amount to be amortized refers to the amount needed to be amortized over a period. Valid value for the field is Numeric value up to 2 decimal places. For example 1000.55.
APR
APR refers to the annual percentage (interest) rate charged for a loan. Valid value for the field is Numeric value up to 4 decimal places. For example 8.4444.
Contract Terms
Contract terms refers to the total number of terms/installments for repayment of a loan. Valid value for the field is Numeric value without decimal places. For example contract terms for a three years contract terms would be 36 if repayment frequency is monthly.
End Date
End date refers to the end date of amortization schedule. Valid value for the field is any valid Date. For example 01/01/2030.
Financed Amount
Finance Amount refers to the financed amount over a period. Valid value for the field is Numeric value up to 2 decimal places. For example 50000.50.
Is Tax Inclusive
Indicates whether the rentals calculated shall be treated as tax inclusive or exclusive. Valid value will be Yes or No. If user selects Yes then calculations shall be treated as tax inclusive. If user selects No then calculations shall be treated as tax exclusive.
Rental Type
Rental type indicates what type of rental will be included in rental amount calculation. Rental amounts are calculated on the basis of rental types that can be entered by user or calculated by flex. Rental types can be Structure, Auto or Interest Only. If user selects Structure then rental amounts will be defined by user. If user selects Auto then rental amounts will be calculated by Flex. If user selects Interest Only then it means where user decides to pay only interest amount for the period and no principal amount will be paid.
Rental Component
Rental component represents if tax is to be calculated on interest portion of rental or on principal and interest both components of rental amount. Valid values are 0 and 1. If rental component is 0 then tax is to be calculated on both principal and interest portion of rental. If rental component is 1 then tax is to be calculated on interest portion of rental only.
Rental Frequency
Rental frequency represents the frequency of the rental amount to be paid. Valid Values can be Monthly (for 12 payments in a year), Quarterly (for 4 payments in a year), Semi - Annual (for 2 payments in a year) or Annual (for 1 payment in a year).
Rental Mode
Rental mode depicts whether payment/installment is to be received at the beginning of the each term or end of each term. Rental mode can be Advance (for payment at the start of each term) or Arrear (for payment at the end of each term).
Residual Value
Residual Value refers to the residual value of an asset at the end of lease/finance contract. Valid value for the field is Numeric value up to 2 decimal places. For example 500.50.
Start Date
Start Date refers to the start date of repayment plan or amortization schedule. Valid value for the field is any valid Date. For example c01/01/2023.
Structure Rental
It represent the Irregular Payments. User defined irregular payments that shall not be calculated by the system. Or Interest only payments with no principal recovery. For example "startTerm": 1 "endTerm": 3.
Tax Rate
Tax rate represents the tax rate used for repayment plan calculation. Valid value for the field is Numeric value up to 4 decimal places. For example 12.4444.