Final answer:
The rate is the crucial element in controlling the calculation of income payments since it directly influences the payment amounts. Other elements like maturity date and call date are important but do not control the calculation process, while the paying agent is responsible for distribution, not calculation.
Step-by-step explanation:
The question asks which asset data element is critical to properly control the correct calculation of income payments. The most critical element for this purpose is usually the rate at which income is to be calculated. The rate directly affects the amount of income payment that an asset generates. If the rate is not accurately controlled or updated, it can result in incorrect income payments.
The maturity date indicates when the asset or instrument is due and could affect the total amount of income to be received over time, however, it's not the component that controls the calculation of each payment. The call date is important for understanding when an asset might be called back by the issuer, which affects its life, but again it doesn't control the payment calculations per se. Finally, the paying agent is in charge of distributing the income payments but does not control the calculation. In summary, the rate is the key data element to focus on when ensuring income payments are calculated correctly.