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Professional Edition - Arrears Calculator
- The Arrears Calculator is included in the Professional Edition.
Product Benefits:
- Enable you to tell a client how much child support is owed after a period of non-payment.
- Enable you to show a party, attorney, or court exactly how the calculation was made.
Product Features:
- "Quick Arrears" calculator does a one-screen calculation in the "simple" case of non-payment for a period of time.
- "Full Arrears calculator handles occasional payments, some regular payments, changes in the obligation amount, changes in interest rates, changes in calculation methods.
- Allows obligation payment frequencies to be specified as annual, bi-annual, monthly, first-and-fifteenth, bi-weekly, and weekly.
- Allows the interest rate cycle (how frequently the interest is calculated) to be specified as annual, bi-annual, monthly, first-and-fifteenth, bi-weekly, and weekly.
- Allows the computation method (how interest is calculated) to be simple using end-of-cycle balance, simple using average balance, compound using end-of-cycle balance, compound using average balance, and compounded daily.
- Allows the frequency of regular payments actually made to be annual, bi-annual, monthly, first-and-fifteenth, bi-weekly, and weekly.
- Allows the specification that payments are to go first toward interest, then toward principal, or vice versa.
- Allows a grace period before interest starts accruing.
- Allows entry of "maximum" principle amounts on each obligation. This is useful for obligations that are set to cover specific expenditures.
- Allows an "interest adjustment" on an obligation-by-obligation basis. This is useful because some states have higher rates for certain obligations than for others.
- Allows interest rates to change on dates you specify.
- Allows as many different obligations, payments, periods, interest rates, etc. as you need.
- Includes many states' interest rates built in.
- Allows you to save your state's interest rates as the default.
- Detailed audit trail shows, period by period, obligation by obligation, each arrears calculation.
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