5.3.2.1.2.2 Payment Attributes

This section describes the new business fields used in the Payment Attributes tab of the Product Characteristics Rule.

Figure 5-151 Payment Attributes Tab to Define the Product Characteristic Rule

Table 5-39 Fields to add the Payment Attributes for Product Characteristic Rule and their Descriptions

Field	Description
Interest Payment Frequency	Frequency of Interest payment .
Principal Payment Frequency	Frequency of Principal payment.
Interest Timing Type	Determines whether interest is calculated in arrears or advance or if the rate is set in arrears. There are three interest types: Interest in Arrears Interest in Advance Set in Arrears For conventional amortization products, interest in arrears is the only valid choice.
Interest Credited	This option allows interest payments to be capitalized as principal on simple or non- amortizing instruments.
Accrual Basis	The basis on which the interest accrual on an account is calculated. The choices are as follows: 30/360 30/365 30/Actual Actual/360 Actual/365 Actual/Actual Business/252 *
Compounding Basis	Determines the number of compounding periods per payment period. The choices are as follows: Annual Continuous Daily Monthly Quarterly Semiannual Simple

Note:

* A Holiday Calendar selection is required if Business/252 Accrual Basis is selected. Business/252 Accrual Basis is only applicable to the recalculate option of the Holiday Calendar Rule. If the user selects the shift payment dates, the payment will still be recalculated for the non-holiday or weekend date.