Installment amount defined for flat type loans is not working properly for Amortization "Equal Installments"

Description

1. Create Loan product with Amortization -"Equal Installment" and Interest type as "Flat", Select the check box "Allow fixing of the installment amount".
2. Submit new loan application for a client with the above loan product on 01 September 2015, Loan amount 10000, no. of repayments 12, repaid every 1 month, define installment amount as 950.
> Since installment amount is defined all installment amount should be 950, since flat interest method is defined interest calculated should be 100 throughout the loan and for last installment the repayment should get adjusted with the balance.

> Here it is displaying installment amount as 933.33 only.

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SSN
October 14, 2015, 6:00 AM

@ Pramod,
In the last installment the balance should get adjusted, Since installment amount is defined and interest is also fixed the principal amount for all repayments will be same.

Santosh Math
December 21, 2016, 10:54 AM

Assignee

NazeerS

Reporter

SSN

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Sangamesh Nadagoudar

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Priority

Critical
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