1. create savings product with average interest savings product

2. create account, make deposits over 2-3 periods.

3. manually calculate average of the daily balances over that period.

4. move system forward, run batch job to calculate and post savings interest.

Confirm interest posted matches the manual calculation using this formula and the average daily balance:

FormulaFor one period interest calculation: A = P(1+r/n)

Where:

P = principal amount (initial amount)

r = annual rate of interest (as a decimal)

A = amount of money accumulated including interest

n = number of times the interest is compounded per year

Periodic intervals: can be set by number of days or months

Lukasz Chudy

Anonymous

a savings product that does average interest calculation

Standard test DB

Automated

None

None

Major

Configure