Uploaded image for project: 'Apache Fineract'
  1. Apache Fineract
  2. FINERACT-1240

interest calculation mismatching

    XMLWordPrintableJSON

Details

    • Bug
    • Status: Closed
    • Major
    • Resolution: Auto Closed
    • None
    • None
    • 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

      Attachments

        1. Calculations.xlsx
          13 kB
          Saifudeen Khan
        2. image-2020-10-22-19-45-22-709.png
          156 kB
          Saifudeen Khan
        3. image-2020-10-22-19-47-32-130.png
          40 kB
          Saifudeen Khan
        4. image-2020-10-22-19-49-04-274.png
          36 kB
          Saifudeen Khan
        5. image-2020-10-22-19-50-57-869.png
          36 kB
          Saifudeen Khan
        6. image-2020-10-22-19-52-48-292.png
          25 kB
          Saifudeen Khan
        7. image-2020-10-22-19-53-34-586.png
          35 kB
          Saifudeen Khan
        8. image-2020-10-22-19-56-08-972.png
          5 kB
          Saifudeen Khan

        Activity

          People

            Unassigned Unassigned
            mageshwaranb mageshwaran
            Votes:
            2 Vote for this issue
            Watchers:
            4 Start watching this issue

            Dates

              Created:
              Updated:
              Resolved: