This idea has been merged into another idea. To comment or vote on this idea, please visit APP-I-1304 An option to reflect the increase of interest caused by changing the First Repayment Date in the first installment of Declining Balance Equal Installment loan product.
Add an option for Loan Products under "Rounding of repayment schedules" to allocate differences on the first installment.
For declining balance equal installment loans this would result in schedules in which the first installment is different than the rest to account for any irregular installment durations, all the remaining installments would be equal.
Some tenant's customers would have an easier understanding of a loan schedule when having a different first installment rather than a different last installment as most differences come from a longer/shorter first installment. Knowing the first installment is different and then having an equal subsequent payment amount is easier to follow for them vs remembering that the last installment is different months in advance. Moreover, when the last installment is particularly inflated tenants might not be able to pay that amount or challenge it.