NetLoan - Establish Interest Rate Details

Use Case: By default, NetLoan uses the annual percentage rate to calculate interest for each period throughout the entire loan term. If any variability exists in the timing or rate, that variability needs to be documented and reflected in the Rates sublist on the Amortization Schedule subtab of the loan record.

STEP BY STEP PROCESS

• During initial lease setup or in edit mode of any existing loan record, indicate the annual percentage rate at the loan commencement in the Annual Percentage Rate field within the Schedule Information header section.
• To edit future rate changes, navigate to the Rates sublist on the Amortization Schedule subtab View full size
• Select the effective date field and input the first date of the period that applies the new rate
• Input the new annual percentage rate 
• Select the Add button and Save changes when finished
• An example rate schedule is shown below: View full size