For each obligation type where ongoing, system generated penalty and interest rules apply, you must create a P&I control with its collection of P&I Rules that define the distinct penalty, interest charge or fee.
Each P&I rule controls the actual calculation and allows a user to configure information such as the basis of the charge, the rate used to apply the charge and other controls such as whether there is a maximum amount that the overall calculations may not exceed.
P&I rules to apply to an obligation or configuration related to existing rules may change over time, based on legislation changes or business rule changes. When this occurs, a new P&I control with its new set of rules must be created. The obligation type includes an effective dated link to the P&I controls that govern its P&I charges.
Refer to Apply P&I Rules for Each Time Period for information about how P&I rule calculations are applied during the Calculate P&I process.
Refer to Designing Your P&I Control and P&I Rules for information about designing your rules.
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