I am in deed to seek your suggestions on below requirement.
We have a requirement to configure the Loans (IT 0045), the scenario is we need to calculate the interest rate of flat basis.
eg: If an employee takes loan for Rs. 1000 and the interest rate is 5% flat for 60 months, then the monthly repayment is Rs. 16.66 + 4.16 (interest) = 20.83. I was tried to check through standard configuration, but it is calculating on Diminising interest rate.
Could you please advise me configure Flat interest rate ?
Thanks in Advance,