Monthly compounding of interest
Lenders who are using Financial Calculator version 3.0 or 3.1 have the option to generate payment schedules with the compounded interest figures.
While creating the lending product, they can specify this option through the Compounding Interest checkbox. All contracts created for this product then compound the interest as per the capitalization frequency and use the capitalized interest while generating the repayment schedule.
If you are upgrading to CL Loan 2.3007 or higher, you must add the Compounding Interest checkbox to the Amortization Based Loan Product and Loan Product Layout page layouts of the Lending Product object to enable this feature.
For steps to do this, refer to section Modify the Page Layout.
For more information on compounding of interest, refer to section Creating a Simple Loan Product.