Missouri Company Setup Guide:
Here is the link to APR Calculations and Common Percentages
The following is an example of how to set up the Title Loan parameters for a title lien fee that is financed. The loan example is a Missouri daily interest title loan with a monthly percentage rate of 10%, a loan of $250.00, with a $13.50 title lien fee, no origination fee, with the amount financed (the principal) being $263.50:
In Title Loan Parameters, under Default Interest and Fees, the first line should be set up with an amount of 10.00%, the description will be "Interest," the type will be "MPR" and the initial box will be checked. On the second line, the amount will be 0.00%, the description will be either blank or "Origination Fee," the type will be blank, and the initial, recurring and financed boxes will all be unchecked, and the recurring description will be either blank or "Renewal Fee." Because the second line amount is zero, it will not cause fees to be posted to the account. Line two is normally used for special instances. For example, in Tennessee it is used for recurring renewal fees and in South Carolina it is used for title lien fees that are added to the loan amount but which do not appear as separate transactions. For a title lien fee which does appear as separate transaction, we will use the third line, which will have an amount of 13.50, a description of "Title Lien Fee," a type of "Fixed Rate," and the initial and financed boxes will be checked, while the recurring box will not be checked. The third line tells the computer to charge an initial title lien fee of $13.50 and to finance it, which means the interest will be calculated on the loan amount plus the title lien fee.
Once the Title Loan Parameters have been changed, save the settings by click the close button (the X in the right hand corner of the company setup window. If the computer asks if you want to save the changes, tell it "Yes."
To enter the loan, enter or select the appropriate client, be sure to enter the appropriate vehicle information, the go to the Current Loans tab. Click on New Loan, select a loan type of Title Loan, then enter a loan amount of $250.00. Make sure the fee is zero and the interest rate is 10.00%. In this example the first fee field is not being used and the title lien fee is pulled automatically from the third line of the Title Loan Parameters Default Interest and Fees table. Since you are doing a daily interest loan, which is the default, you don't need to change the Payment Method or enter the number of Terms (payments). Click on the Save+Print button and preview the form. Please make sure everything is correct. To print the contact directly from the preview, press CTRL-P (hold down the CRTL key and tap the letter P key). If you have any problems, please call Alpha Omega for assistance.