Loan Screens > Account Information Screen Group > Account Detail Screen > Account tab > Payment and Classification field group

Entry: System, numeric

F/M: No

Mnemonic: LNRATE

Screen: Loans > Account Information > Account Detail > Account tab

This is the annual interest rate to the nearest three decimal places. It is the rate entered or calculated at which the payment is being made.

For ARM loans (payment method 7), you must enter the interest rate in the Current Rate field on the ARM Rates & P/I Tables tab of the Loans > Account Information > ARM Information screen for interest to be calculated on this loan. This is generally used with a rate pointer other than "255." If the rate is file maintained on 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.