You are viewing a plain text version of this content. The canonical link for it is here.

Posted to issues@fineract.apache.org by "mageshwaran (Jira)" <ji...@apache.org> on 2020/10/22 12:47:00 UTC

[jira] [Created] (FINERACT-1240) interest calculation mismatching

mageshwaran created FINERACT-1240:
-------------------------------------

             Summary: interest calculation mismatching 
                 Key: FINERACT-1240
                 URL: https://issues.apache.org/jira/browse/FINERACT-1240
             Project: Apache Fineract
          Issue Type: Bug
            Reporter: mageshwaran


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



--
This message was sent by Atlassian Jira
(v8.3.4#803005)