The interest calculation can be made using either the Reducing Compound or Simple interest methods. The interest is calculated on Period balances, not daily balances.
See this link for more information about the interest methods mentioned above and how to check the interest calculations.
See this link for further information on how to setup the Loan Transaction Code.
See this link and select the heading 'Loans' for further information on how to process a loan for an employee.
See this link and go to 'Step 5' for further information on how to set up the Libor Rate that determines the loan benefit.
See this link for loan reports.
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