HOWTO: Creating a Flat Rate Loan
(Doc ID 2565711.1)
Last updated on NOVEMBER 26, 2019
Applies to:Oracle FLEXCUBE Universal Banking - Version 11.0 and later
Information in this document applies to any platform.
How to Create CL Flat Rate Loan.
A loan of $1,200 at a rate of 5 percent for one year would be paid on the basis of paying back $100 per month for 12 months. At a rate of 5 percent, the monthly interest payment would be $5.
Therefore, the entire monthly payment would amount to $105. This would result in a total interest payment of $60 for the entire year.
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