Calculation of interest amount with two variables formula

Hello everyone,
Iu2019m facing a problem with the way that TRM calculate the interest amount for money market transaction when I have a formula with two variable, e.g. reference interest rate u201CXu201D multiplied by 0,98.
Some contracts explicitly say that to obtain the u201Cdaily interest rateu201D of the contract firstly the u201Cdaily interest rateu201D of the reference interest rate must be calculated and then apply a index or factor (e.g. 0,98). In the other hand some contracts says that it should be done the other way around. Iu2019ve noticed that TRM calculate the interest amount using the first way.
Is there any way to set which the way the interest amount should be calculates?
Has anyone faced similar problem?
The examples below illustrate the difference in the two ways to calculate interest amount.
Considering the following money market transaction:
1. Borrowing structure:
1.1. amount: USD 1.000.000,00
1.2. flow type: 1105 u201CBorrowing/Increaseu201D
2. Term (only one day to simplify the example)
2.1. Start date: 30.01.2011
2.2. End data: 31.01.2011
3. Interest structure:
3.1. Interest form: VARIABLE ( formula = Z1 * 0,98), where u201CZ1u201D is a reference interest rate
3.2. condition type: 1200 u201CNominal interestu201D
3.3. Interest calculation method: ActW/252
Considering that Z1u2019s annual interest rate in 30.01.2011 is 11,66%, TRM would perform the following calculation:
1. Contract annual interest rate (%) = Z1*0,98 = 11,66 *0,98 = 11,42680000%
2. Convert from u201CContract annual interest rate (%)u201D to number = 1,11426800
3. u201CContract daily interest rateu201D = 1,11426800 ^(1/252) = 1,00042945
4. Convert from u201Cnumberu201D to Day interest rate (%) = 0,04294481%
5. Interest amount = u201CContract daily interest rateu201D * Borrowed amount = 0,04294481% * 10.000.000,00 = 4.294,48
In the other hand, some contracts say that the interest rate should be calculated in the following way:
1. Annual interest rate (%) = 11,66 = 11,66000000%
2. Convert from u201CAnnual interest rate (%)u201D to number = 1,11660000
3. Daily interest rate = 1,11660000 ^(1/252) = 1,00043775
4. Convert from u201Cnumberu201D to Daily interest rate (%) = 0,04377480%
5. Calculate u201CContract daily interest rateu201D = 0,04377480% * 0,98 = 0,04289930%
5. Interest amount = u201CContract daily interest rate (%)u201D * Borrowed amount = 0,04289930% * 10.000.000,00 = 4.289,93
With this simple scenario we end up with a USD 4,55 difference for a single day, but for big contracts of hundred millions and for several years the difference is quite huge.
Thanks in advance ..
Giuliano

Hi,
with Product Category 550 you can have both scenarios:
for the 1st case you can use a formular (e.g. EONIA * 0,98)
=> interest for 1 day: 462,70 EUR
for the 2nd case you can use the field Variable Interest Rate (EONIA) + field Payment Rate (98)
=> interest for 1 day: 453,44 EUR
Is this, what you are looking for?
Regards,
Lorenz

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