The following table contains the calculations Oracle Financial Services Lending and Leasing uses to convert different payment frequencies (weekly, biweekly, semi monthly, and so on) to standard monthly values for instalment accounts.
Payment Frequency: |
Scheduled Monthly Income Amount: |
D = Deferred |
Zero fill |
P = Single payment Lease |
Zero fill |
W = Weekly (due every week) |
Multiple by 4.33 |
B = Biweekly (due every two weeks) |
Multiple by 2.16 |
E = Semi-monthly (due twice a month) |
Multiple by 2 |
M = Monthly (due every month) |
As given |
L = Bimonthly (due every two months) |
Divide by 2 |
Q = Quarterly (due every three months) |
Divide by 3 |
T = Triannually (due every four months) |
Divide by 4 |
S = Semi-annually (due twice a year) |
Divide by 6 |
Y = Annually (due every year) |
Divide by 12 |