Interest rebate: interest on loan recalulated at end of loan to determine if rebate should occur

Description

Henrik from CreoCore noted this as important.

We'd like to reward people who pay their loans off early, or who made some payments which were larger than the planned/scheduled
payments. We're seeing some entrepreneurs paying on different dates than scheduled, and paying amounts which are smaller or greater than the agreed-upon repayment schedule.

This is probably because we don't have groups and therefore no group meetings ( == collection times). So when a
loan is paid off, it would be nice to have a feature to do an alternative computation of the interest, based on an equivalent daily interest rate.

I.e., this would take into account when the entrepreneur paid a little early, a little late, a little too much, or too little. If this alternative computation resulted in less interest than what the entrepreneur actually paid (which was based on the agreed-upon amortization schedule when the loan was given), then we want to give the entrepreneur a refund of the
difference.

Similar (but different) type request is

is closely related to the 'refund' if overpayment notion expressed here.

Environment

None

Assignee

mifosdeveloperqueue

Reporter

keithwoodlock

Implementation Priority

None

URL

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Team

Community

Epic

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productboard URL

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Man Day Estimate

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Components

Fix versions

Affects versions

Priority

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