Installment amount defined for flat type interest loans is not working properly for Amortization "Equal Installments" in Mifosx 18.03.01.RELEASE

Description

I have created a loan product which is 5000 principal , with interest of 1600 to be paid in 4 Weeks and also paid weekly 4 times and interest of 400 every week. But when I create the equal installments product it doesnt work properly and gives the wrong interest 368.22

Environment

Ubuntu 14
Tomcat 7
Mysql Server 5.5
Jdk 1.8

Activity

Show:
Tolbert Omini
March 28, 2020, 3:43 AM

Issue Resolved,

It is not a bug in the system but you need to change your interest calculation to be per day and mulitply by the number actual days you have set for the Loan product. (Rate per day * 30)/28 you will get the interest rate for the month hence mifos will calculate properly for the 4 weeks which is 28 days

Assignee

Unassigned

Reporter

Tolbert Omini

Labels

None

URL

None

Story Points

None

Team

Core

Notify

Sangamesh Nadagoudar

productboard URL

None

Man Day Estimate

None

Time remaining

0m

Components

Due date

2020/01/11

Priority

Minor
Configure