Hi all,
Can you please provide help for the configuration of interest on loan payment.
Our scenario is like this:
Loan amount is paid in a month and installment for principal loan amounts are repaid till the loan amount (principal)is recovered. Interest is calculated on principal amount left after repaying of installment every month. This interest is also repaid in installments only when the principal installments are over.
I have configured loan payments and on simulating payroll I am getting the desired installments for principal amount, but I don't know how to repay interest in installments.