What: Add a new method for calculating the amount of "Payment Due" fees, as flat amount divided by the number of terms.
E.g. for a loan with 6 monthly repayments, and a 30$ fee charged from the beginning, the monthly fee amount would be = 30 / 6 = 5$, applied every month with the Payment Due as per the schedule.
Why: Many organisations use this method to charge different fees, among which:
- insurance/ guarantee fees (the total premium amount is calculated at the beginning of the loan, then divided and paid up monthly)
- loan processing/ servicing fees (a certain amount is defined as a fee, but the amount is paid by clients in instalments rather than upfront)