[jira] [Created] (FINERACT-825) Installment amount defined for flat type loans is not working properly for Amortization "Equal Installments" Set for weekly repayments

["TOLBERT DEREK (Jira)" <ji...@apache.org>]

TOLBERT DEREK created FINERACT-825:
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             Summary: Installment amount defined for flat type loans is not working properly for Amortization "Equal Installments"  Set for weekly repayments
                 Key: FINERACT-825
                 URL: https://issues.apache.org/jira/browse/FINERACT-825
             Project: Apache Fineract
          Issue Type: Bug
          Components: Loan
         Environment: Ubuntu 14, Mysql 5.5, tomcat7
            Reporter: TOLBERT DEREK
         Attachments: loanerror.png

We have set a loan of 5000 with equal installments repayments of 4 every week. Interest paid for the month is 1600 which is 32% per month.

Instead of interest calculated weekly for the 4 repayments to be the right 400 figure it calculates 369.23 which is a wrong figure.

So the repayment schedule is flat interest 369.23 instead of 400 per week.

 

[https://demo.openmf.org/] I have tried here with a sample test loan and test client. Same results

 

Kindly assist anyone we are stuck with provided POC.

 

Thank you in advance



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