Navigation:  Loan Screens > Account Adjustment Screen > Current Account Information field group > Current Interest Rate

Entry: System, numeric

F/M: No

Mnemonic: LNRATE

Screen: Loans > Account Adjustment screen

 

This field displays the current annual interest rate using three decimal places. This is the rate calculated at which the payment is being made. You can change this rate by clicking <Zero Rate>, then typing a new rate in the New Interest Rate field in the Alter Account field group and clicking <Save>. This will change the interest rate for the loan.

 

If the rate is changed for daily simple interest loans (payment method 5 or 6), the accrued interest is recalculated to the current date using the old rate, and the date last accrued is changed to today's date.

 

An institution option is available that does not allow employees to change the interest rate through the New Interest Rate field.