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  1. Apache Fineract
  2. FINERACT-317

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

    Details

    • Type: Improvement
    • Status: Closed
    • Priority: Major
    • Resolution: Fixed
    • Affects Version/s: None
    • Fix Version/s: 1.0.0
    • Component/s: Loan
    • Labels:

      Description

      Reported by Subramanya at https://mifosforge.jira.com/browse/MIFOSX-2260
      Original 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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          Santosh Math
        2. 115.png
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          Santosh Math

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            People

            • Assignee:
              santoshmath Santosh Math
              Reporter:
              santoshmath Santosh Math
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              Dates

              • Created:
                Updated:
                Resolved: