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12 monthly installment payments with interest
Question: We want to sell our materials - and have our customer pay us in 12 monthly payments with a fixed interest amount.
Example - We sell a unit for $120,000.00 USD plus a fixed interest amount of $12,000.00 USD.
The customer should send us $11,000 monthly for 12 months. ($10,000 toward principle and $1000.00 toward the interest.)
I have already set up payment terms for the 12 monthly payments - but it only considers the principle. I don't know how to set up the interest that the customer should also pay?
Any help is greatly appreciated, as I am a specialist in MM/PP.
Answer:
We set up something similar for coca-cola, where they supplied a customer with umbrellas and tables and trays and vending machines, and of course coke syrip and buublly h2o. They would then enter a contract to sell the coke to them for a higher price and which would pay back the umbrellas and the coke itself.
To do this they used the FI-TR Loans. And did a bit of programming too. As an alternative you could create an account in FI which calculates interest, but you may easily enter into a world where you have many accounts to do this with, if for example each customer has different interest rates...
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Space.....it seems to go on and on forever, but then you get to the end and the gorrilla starts throwing barrels at you.
Example - We sell a unit for $120,000.00 USD plus a fixed interest amount of $12,000.00 USD.
The customer should send us $11,000 monthly for 12 months. ($10,000 toward principle and $1000.00 toward the interest.)
I have already set up payment terms for the 12 monthly payments - but it only considers the principle. I don't know how to set up the interest that the customer should also pay?
Any help is greatly appreciated, as I am a specialist in MM/PP.
Answer:
We set up something similar for coca-cola, where they supplied a customer with umbrellas and tables and trays and vending machines, and of course coke syrip and buublly h2o. They would then enter a contract to sell the coke to them for a higher price and which would pay back the umbrellas and the coke itself.
To do this they used the FI-TR Loans. And did a bit of programming too. As an alternative you could create an account in FI which calculates interest, but you may easily enter into a world where you have many accounts to do this with, if for example each customer has different interest rates...
_________________
Space.....it seems to go on and on forever, but then you get to the end and the gorrilla starts throwing barrels at you.
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