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Introduce New Annuity type : Interest calculation will happen based on beginning balance and at the start of the month
Description :
A new annuity model where interest calculation should occur at the beginning of the period and on the beginning balance .
Why it is needed:
Current financial systems support ordinary annuity and annuity due structures,but there is a gap when it comes to scenarios where interest must be applied upfront before any reduction in balance.Some fianncial contracts particulary in leasing ,require interest to be earned on the beginning balance at the start of the perid.
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