Where do I change the prime rate used for variable-rate loans?
Where to find it: RATES/YIELDS and CURRENCIES → Prime → Update / Edit
Open RATES/YIELDS and CURRENCIES and find Prime in the rates table (you can use the search box). You can update it to the latest prime rate retrieved from the Bank of Canada by clicking Update. To change it, choose Edit. Enter the rate and its effective date. A future start date adds a future assumption rather than changing the entire projection to that rate.
Variable-rate loans use the prime-linked relationship entered for the loan. To check a particular loan, return to LOANS after changing Prime and view its amortization. Review how the changed rate affects interest and principal in that schedule.
For a fixed-rate loan’s renewal, use the renewal-rate entry for that loan instead of changing Prime to represent it. Prime is a shared assumption and can affect several variable-rate loans at once.