Navigation:  Loan Screens > Account Information Screen Group > Precomputed Loans Screen > Options field group > Add-On Rate

Entry: User, numeric

F/M: Yes

Mnemonic: LN78AO

Screen: Loans > Account Information > Precomputed Loans screen

 

This is the add-on interest rate for the precomputed loan. The Add-on Rate is the actual rate used to calculate precomputed loans. However, the FTC requires you to disclose your interest rate in terms of Annual Percentate Rate (APR), even when you use "add-on" methods.

 

This rate can also be used to calculate the G/L earned interest.