Create a Loan - Single Period Payment - Repayment Option

With the Single Period Payment Frequency, you have two different ways to specify how you want to calculate the Repayment Amount for the loan.  You can either specify an interest rate for the period or a monetary amount to be repaid:

Monetary Amount Due: If you would prefer to specify the actual amount of money that you would receive at the end of the loan, you would select this option and enter the amount due in this field.

Annual Interest Rate: If you specify this method for calculating the repayment amount, the system will calculate the monetary amount due at the end of the loan. The annual interest rate (e.g. 10.5%) is based on an annual percentage of the principal. For example, if a lender charges an interest rate of 10% on a loan of $1000, the total interest charged in a year is $100 for this $1000 loan.

With the system update, you'll now be able to apply a daily interest rate calculation that takes the number of days between the closing date and the maturity date of a loan (including the maturity date) and then divides that by your option of 360/364/365.