South Africa CAsh BUdget Assistance

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so the question goes as
Interest at 15% per annum on the loan balance is paid monthly. The loan balance on 31st December 2017 was $360000 and a repayment of $100000 will be made on 01 February.

how should i treat this divide by 12 and get a pm value and find interest of that amount and add those two amounts together and show as Loan Repayments: January :$34500 Feb :$100000

or
just calculate the interest and write them under the respective months
 

Steve-LevelUp

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Calculate the interest on the monthly balance using the effective monthly interest rate (15%/12). The interest will be charged on the full amount for the first month and then on the lower balance for the remaining months.Every payment applied (depending on when it is applied) will lower the balance upon which interest is charged.
 

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