Details
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Bug
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Status: Closed
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Major
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Resolution: Auto Closed
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None
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None
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None
Description
How does the interest calculation part work here? I tried doing a sanity and found a difference of 4/- for a mount of 100000 issued over for a period of 12 months with 10% interest/year
Principal - 100000; Interest - 10%/year; 12 months duration; declining balance; 30/360 method
Step 1: Disbursed Loan on 20-Oct
Step 2: Repayment of 2 EMI (Nov, Dec)
Step 3: Reschedule Loan from 20 Jan 2021 to 14 Feb 2021
Step 4: View Repayment schedule
Step 5: See the interest calculated for 14 Feb 2021 as 1,264.520
While validating manually, the duration comes as 54 days and upon calculation it comes as 1260/- only.
I am not sure from where the 4 rupees has come during the calculation.
Any help in this regard will be of great help
