Adding an interest formula to a contract attaches the specific interest rate, term, and grace period to a single contract. The platform will then automatically calculate any fees due on a late remittance payment. To add an interest formula to a contract:
In Union Fusion, navigate to Contracts.
Select the contract that you would like to bind to an interest formula. When in the contract profile, select the contract term or area that you would like to apply the interest formula to.
Within the contract’s term/are, click on the Actions drop down in the top right corner > Edit.
When editing the contract, select the Interest drop down box and choose the interest formula that you would like to attach. When complete, select the Save Contract button at the bottom of the screen.