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Interest is accrued daily based on the amount currently owed by the customer.  In keeping with common practice in the United States, the interest rate provided for a customer case is the nominal interest rate.  The effective interest rate will be higher.  (When communicating about the loan, naming the effective interest rate is required in some countries. We've chosen to the nominal interest rate simply because it is easier to calculate from the nominal interest rate to the effective rate than it is in the other direction.) The nominal interest rate is divided by 365.25.  The resulting amount is then applied daily.  When in the day interest is accrued is configurable via the yaml file of the portfolio microservice.

Troubleshooting Deployment of Rhythm And Portfolio

If you aren't getting daily interest calculations in portfolio, please check the following aspects of  your deployment:

1. There should be only one instance of rhythm running.
2. In the configuration for rhythm, rhythm.user should be set to a valid user in your system.  I'll pretend you named it imhotep from here on.
3. In portfolio, portfolio.bookLateFeesAndInterestAsUser should be set to a valid user in your system.  I'll pretend you also named it imhotep from here on.
4. Rhythm's user should have permission to the identity endpoint for creating permission requests for other services, and for the application which is to receive the beats. Its role should contain change permissions for identity__v1__app_self, and, for example, portfolio__v1__khepri
5. Rhythm the application should have permission to act in the name of its user to access the identity endpoint for creating permission requests for other services. /applications/rhythm/permissions/identity__v1__app_self/users/imhotep/enabled should return true.
6. Rhythm the application should have permission to act in the name of its user to call portfolio's beat endpoint. /applications/rhythm/permissions/portfolio__v1__khepri/users/imhotep/enabled should return true.