I tested the loan manager with a loan: The borrowed amount is $10000.00, term is 6 months, origination date is Dec/1/2018, due date of next payment is Jan/1/2019, payment amount is $2000.00, payment period is monthly, interest rate is 36%, compounding period is Exact Days, computing period is 365/360. The interest amount that loan manager shows for the first payment is $304.17. I don't think this is correct. My calculation is like this: the daily interest rate = 36%/360 = 0.001, so the interest for the first payment should be 0.001 * 10000.00 * 31 (days) = $310.00. Am I correct?
Thanks.
