Financing Setup is accessed under File > Setup > Deal > Financing. You can define the following defaults:
- Collect Payments Using – Use the drop down box to choose between Simple Interest, Rule of 78, or Federal Calendar. Note that Federal Calendar bases the calculation on 360 days rather than 365 days.
- Default Term of Loan – Enter the number of months that you normally have the loan for.
- Computing Method – Use the drop down box to choose between Add-on and Compound.
- Add-on Rate/APR – Enter the default add-on rate or APR.