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Posted to dev@fineract.apache.org by Gayle Congdon <Ga...@Nupay.co.za> on 2018/06/22 09:41:47 UTC
Number of Installments not being correct
Hi Ed,
Hope you are well.
We have come across a Mifos issue which I hope you can assist with.
Problem: When creating a loan for 60 equal instalments on Loan Type - CLRC, MIFOS returns random number of instalments depending on the "Nominal interest rate" we provide.
With "Nominal interest rate" being 0, we do receive 60 equal instalments. Please look at the test case below.
On the demo website, I have created a Loan Type and Client to demonstrate your problem. Please see below for details.
http://mifos.org/mifos-x/demo/
Username: mifos
Password: password
Client: CLRC CLRC
Loan Product: CLRC
Created Loan: 2874, 2875 and 2876
Loan Terms
Principal: 100000
Loan term: 60
Number of repayments: 60
Repaid every: 1
First repayment on: 29 June 2018
Interest charged from: 22 June 2018
Nominal interest rate: 27.75 Per year
On the above test case, MIFOS only returns 59 instalments. Now the question is, what happened to the 60th instalment?
Thanks so much,
Kind Regards
Gayle Congdon
Manager - ERP, Accounting & Core Banking Systems
[cid:image001.jpg@01D40A1D.FE4633D0]
[cid:image002.png@01D40A1D.FE4633D0]
+27 71 485 2543
gaylec@nupay.co.za
[cid:image002.png@01D40A1D.FE4633D0]
Tel: +27 11 617 1803
Fax: +27 11 617 1717
www.nupay.co.za
[cid:image002.png@01D40A1D.FE4633D0]
8 Kingfisher Crescent, Meyersdal,
Alberton, 1448, Gauteng, South Africa
PO Box 192, Alberton, 1450, South Africa
[cid:image002.png@01D40A1D.FE4633D0]
[cid:image003.jpg@01D40A1D.FE4633D0]
A division of Altron TMT (Pty) Ltd with our B-BBEE rating as a level four
contributor, allows our customers to claim 100% of spend towards their
preferential procurement measurement for their own B-BBEE status. In
addition, 100% of the spend is also claimable as Black Owned and Black
Women Owned on the scorecard of our customers.
This e-mail is subject to an e-mail disclaimer.
Read email disclaimer notice: www.altron.com/email.asp
Alternatively please contact us on +27 11 645 3600
Re: Number of Installments not being correct
Posted by Santosh Math <sa...@confluxtechnologies.com>.
Hi Gayle,
Could you share the client name or loan account number?
Thanks
Santosh
On Fri, Jun 22, 2018 at 3:11 PM, Gayle Congdon <Ga...@nupay.co.za> wrote:
> Hi Ed,
>
>
>
> Hope you are well.
>
>
>
> We have come across a Mifos issue which I hope you can assist with.
>
>
>
>
>
>
>
> *Problem: *When creating a loan for 60 equal instalments on Loan Type -
> CLRC, MIFOS returns random number of instalments depending on the “Nominal
> interest rate” we provide.
>
> With “Nominal interest rate” being 0, we do receive 60 equal instalments.
> Please look at the test case below.
>
>
>
> On the demo website, I have created a Loan Type and Client to demonstrate
> your problem. Please see below for details.
>
>
>
> http://mifos.org/mifos-x/demo/
>
> *Username:* mifos
>
> *Password:* password
>
>
>
> *Client:* CLRC CLRC
>
> *Loan Product:* CLRC
>
> *Created Loan:* 2874, 2875 and 2876
>
>
>
> *Loan Terms*
>
> *Principal:* 100000
>
> *Loan term:* 60
>
> *Number of repayments:* 60
>
> *Repaid every:* 1
>
> *First repayment on:* 29 June 2018
>
> *Interest charged from:* 22 June 2018
>
> *Nominal interest rate:* 27.75 Per year
>
>
>
> On the above test case, MIFOS only returns 59 instalments. Now the
> question is, what happened to the 60th instalment?
>
>
>
> Thanks so much,
>
>
>
> Kind Regards
>
>
> *Gayle Congdon *Manager – ERP, Accounting & Core Banking Systems
>
>
>
>
>
> *+27 71 485 2543 *gaylec@nupay.co.za
>
> Tel: +27 11 617 1803
> Fax: +27 11 617 1717
> www.nupay.co.za
>
> 8 Kingfisher Crescent, Meyersdal,
> <https://maps.google.com/?q=8+Kingfisher+Crescent,+Meyersdal,+%0D%0AAlberton&entry=gmail&source=g>
> Alberton, 1448, Gauteng, South Africa
> PO Box 192, Alberton, 1450, South Africa
>
> A division of Altron TMT (Pty) Ltd with our B-BBEE rating as a level four
> contributor, allows our customers to claim 100% of spend towards their
> preferential procurement measurement for their own B-BBEE status. In
> addition, 100% of the spend is also claimable as Black Owned and Black
> Women Owned on the scorecard of our customers.
>
> This e-mail is subject to an e-mail disclaimer.
> Read email disclaimer notice: www.altron.com/email.asp
> Alternatively please contact us on +27 11 645 3600
>
>
>
>
>
--
Thanks & Regards
Santosh Math
*QA Engineer*
*Conflux Technologies Pvt Ltd <http://www.confluxtechnologies.com/>*
| *Office*: +91-080-41208662 |
*Address*: #304, 2nd Floor, 7th Main Road, HRBR Layout 1st Block,
Bengaluru, Karnataka, 560043 INDIA