DON'T FORGET: UNCHECK THE "INSTALMENT CALCULATION" BUTTON BEFORE SUBMITTING THIS FORM!!!!
FIRST, ensure that the CORRECT AMOUNTS are in these fields:
1. Total Order Amount
2. Payment Amount (today's payment)
3. Down payment amount paid at time of order
Then "Balance Remaining" shows the amount that is being put on layaway.
After the Down Payment, if the CLIENT wants to
MAKE A CERTAIN NUMBER OF PAYMENTS, LIKE 6
FOLLOW THESE STEPS:
First, ENTER 6 INTO THE "Total # Instalments" field to get an idea of what 6 fairly equal payments should be.
(We do this even though the 6th payment will be put in the "Last Instalment Odd Amount"!)
For our example, Balance Remaining is $3736.95.
Entering 6 in the "Total # Instalments" field gives us an "Instalment Amount" of $622.83.
So we know the last payment should be around $600.
Now, ENTER $600 in the "Last Instalment Odd Amount" field.
Then CHANGE THE "Total # Instalments" field to 5!
Look at the "Total Instalments + Last Instalment Odd Amount" field to
make sure it MATCHES the "Balance Remaining" field.
Adjust the "Last Instalment Odd Amount" if necessary to make sure "Total Instalments + Last Instalment Odd Amount" MATCHES the "Balance Remaining" field.
After the Down Payment, if the CLIENT wants to
PAY A CERTAIN AMOUNT MONTHLY, LIKE $500 PER MONTH,
rather than making a certain number of payments,
USE THIS FORMULA:
"Balance Remaining" field
divided by
the amount Client wants to pay (such as $500)
FOR EXAMPLE:
Balance Remaining of $3,736.95 / $500 = 7.4739.
$500 times 7 = $3500
$3500 minus $3736.95 = $236.95
So enter $236.95 into the "Last Instalment Odd Amount" field.
Enter 7 in the "Total # Instalments" field.
7 instalments of $500
plus 1 odd amount of $236.95
(for a total of 8 payments made)
= $3736.95
Look at the "Total Instalments + Last Instalment Odd Amount" field to
make sure it MATCHES the "Balance Remaining" field.
DON'T FORGET: UNCHECK THE "INSTALMENT CALCULATION" BUTTON BEFORE SUBMITTING THIS FORM!!!!