R78REBATE

Updated 2023-10-11 14:14:35.953000

Syntax

SELECT [westclintech].[wct].[R78REBATE] (
  <@IntAmt, float,>
 ,<@NumPmts, int,>
 ,<@PeriodNo, int,>)

Description

Use the scalar function R78REBATE to calculate the rebate amount for a loan or lease using the Rule-of-78.

Arguments

@IntAmt

the total interest over the life of the loan. You can use the TOTALINT function to obtain this value. @PV is an expression of type float or of a type that can be implicitly converted to float.

@NumPmts

the total number of payments to be recorded over the life of the loan. @NumPmts is an expression of type int or of a type that can be implicitly converted to int.

@PeriodNo

the period number for which you want calculate the rebate amount. Rule-of-78 rebates can only be calculated on regular payment dates. You can use the NPNO function to calculate the next payment date. @PeriodNo is an expression of type int or of a type that can be implicitly converted to int.

Return Type

float

Remarks

@IntAmt must be greater than zero.

@NumPmts must be greater than 1.

@PeriodNo must be greater than 1 and less than @NumPmts.

The Rule of 78 calculation is based on the number of payments, not the number of interest period. Thus odd long first periods do not affect the number of payments, though the first payment may include interest for multiple periods.

Examples

Calculate the rebate amount, using the Rule-of-78, for a 24,000 loan that originated on 8/15/2009 at a rate of 5.9%, with payments on the first of every month for 36 months, commencing on 9/1/2009, paid off on 12/1/2010. The monthly payment is 727.37.

SELECT wct.R78REBATE(   wct.TOTALINT(36,     --Number of Periods

                                     727.37, --Payment Amount

                                     24000,  --Loan Amount

                                     0       --Future Value

                                 ), --Total Interest

                        36,         --Number of Payments

                        16          --Payoff Period Number

                    ) as R78REBATE;

This produces the following result.

{"columns":[{"field":"R78REBATE","headerClass":"ag-right-aligned-header","cellClass":"ag-right-aligned-cell"}],"rows":[{"R78REBATE":"689.064864864865"}]}