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Posted to dev@fineract.apache.org by Ed Cable <ed...@mifos.org> on 2016/03/01 17:48:30 UTC
Re: [Mifos-users] Explanation about Interest Calculation
Let's also move this thread over to the Fineract developer mailing list and
continue discussion about fixing the regression there.
---------- Forwarded message ----------
From: Ed Cable <edcable@mifos.org
<https://web.chilipiper.com/link/mifos.org/56d5c78ee4b02bbec5bbcfa1?link=bWFpbHRvJTNBZWRjYWJsZSU0MG1pZm9zLm9yZw==>
>
Date: Tue, Mar 1, 2016 at 8:45 AM
Subject: Re: [Mifos-users] Explanation about Interest Calculation
To: "A good place to start for users or folks new to Mifos." <
mifos-users@lists.sourceforge.net
<https://web.chilipiper.com/link/mifos.org/56d5c78ee4b02bbec5bbcfa1?link=bWFpbHRvJTNBbWlmb3MtdXNlcnMlNDBsaXN0cy5zb3VyY2Vmb3JnZS5uZXQ=>
>
Cc: Mifos Users <mifosusers@googlegroups.com
<https://web.chilipiper.com/link/mifos.org/56d5c78ee4b02bbec5bbcfa1?link=bWFpbHRvJTNBbWlmb3N1c2VycyU0MGdvb2dsZWdyb3Vwcy5jb20=>
>
George/Sander,
Thank you for catching this and Adi thanks for getting the team mobilized
to address it promptly.
George, you can create your issue here:
https://issues.apache.org/jira/browse/FINERACT
<https://web.chilipiper.com/link/mifos.org/56d5c712e4b02bbec5bbcf9f?link=aHR0cHMlM0ElMkYlMkZpc3N1ZXMuYXBhY2hlLm9yZyUyRmppcmElMkZicm93c2UlMkZGSU5FUkFDVA==>
Ed
On Tue, Mar 1, 2016 at 12:44 AM, Adi Raju <adi.raju@confluxtechnologies.com
<https://web.chilipiper.com/link/mifos.org/56d5c78ee4b02bbec5bbcfa1?link=bWFpbHRvJTNBYWRpLnJhanUlNDBjb25mbHV4dGVjaG5vbG9naWVzLmNvbQ==>
> wrote:
> Hi Sander,
>
>
>
> This looks like a unintentional regression from the change.
>
> We need to fix this.
>
>
>
> George,
>
> Can you please raise a JIRA issue on FINERACT?
>
>
>
> Regards,
>
> Adi
>
>
>
> *From:* Sander van der Heyden [mailto:sandervanderheyden@musoni.eu
> <https://web.chilipiper.com/link/mifos.org/56d5c78ee4b02bbec5bbcfa1?link=bWFpbHRvJTNBc2FuZGVydmFuZGVyaGV5ZGVuJTQwbXVzb25pLmV1>]
>
> *Sent:* 01 March 2016 13:16
> *To:* A good place to start for users or folks new to Mifos. <
> mifos-users@lists.sourceforge.net
> <https://web.chilipiper.com/link/mifos.org/56d5c78ee4b02bbec5bbcfa1?link=bWFpbHRvJTNBbWlmb3MtdXNlcnMlNDBsaXN0cy5zb3VyY2Vmb3JnZS5uZXQ=>
> >
> *Cc:* Mifos Users <mifosusers@googlegroups.com
> <https://web.chilipiper.com/link/mifos.org/56d5c78ee4b02bbec5bbcfa1?link=bWFpbHRvJTNBbWlmb3N1c2VycyU0MGdvb2dsZWdyb3Vwcy5jb20=>
> >
> *Subject:* Re: [Mifos-users] Explanation about Interest Calculation
>
>
>
> Hi Subramanya, George
>
>
>
> This is what was also discussed a while back when this rebuild was
> introduced where we were assured then that it would not change for flat
> loans. However testing this through from my end this looks like this is
> still breaking existing functionality for upgrading users (we are currently
> merging the latest branch and testing through stuff)
>
>
>
> Going over our old e-mails you indicated that we would have to use the
> "Interest Charged From Date" Option for that, however doing that on
> George's example product, and setting it to 1 mo before startdate, it does
> not seem to have any effect at all. I've setup loan IL13000000219 with a
> repay startdate of 14th of April and Interest calculated from 14th of March
> which then gives exactly the same schedule as for Georges example on loan
> 215.
>
>
>
> Is there any way simple setting which allows us to keep interest rates the
> same as in the existing scenario, which is a fixed schedule loan (whether
> declining or flat interest) with "Same as repayment Period" selected?
>
>
>
> Thanks,
>
> Sander
>
>
>
> Sander van der Heyden
>
> CTO Musoni Services
>
>
>
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>
> On Tue, Mar 1, 2016 at 8:14 AM, Subramanya S N <
> subramanya@confluxtechnologies.com
> <https://web.chilipiper.com/link/mifos.org/56d5c78ee4b02bbec5bbcfa1?link=bWFpbHRvJTNBc3VicmFtYW55YSU0MGNvbmZsdXh0ZWNobm9sb2dpZXMuY29t>>
> wrote:
>
> Hi Georges Lteif,
> In the above scenarios interest calculation will go in this way,
> You have selected Interest Calculation Period as Same as repayment, here
> the interest calculation with respect to periods need to be considered.
> Also Since first repayment date is defined by you because of that loan
> term will vary in all 3 scenarios.
>
> Calculation,
> Scenario 1:
> 1. 01 March 2016 to 01 May 2017 = 14
> 2. Period is considered from 01 March 2016 to 01 May 2017, but here it is
> 02 May 2017 = 1day/31(no. of days in May) = 0.03
> 3. Total periods = 14+0.03 = 14.03
> 4. Interest per year = 15.6% = 0.156
> 5. Total interest will be = 0.156* 14.03* 2000/12 = 364.838 = 365
> (rounding off)
>
> Similarly for the other 2 scenarios calculation will be similar to above.
> The main reason why interest will change in each scenario is because of
> first repayment date. because of that loan term get varied. Also Interest
> Calculation Period as Same as repayment.
>
>
>
>
>
> On Tuesday, March 1, 2016 at 11:10:01 AM UTC+5:30, Georges Lteif wrote:
>
> Hello Vishwas
>
> all our loans are with flat interest
>
> i replicated the scenarios
>
> -found on mifos test server under client with my Name (George Mitri Lteif)
>
> loans IDS are
>
> IL13000000216
> IL13000000215
>
> IL13000000214
>
>
>
> *its like the interest changes whenever you change he first repayment date*
>
>
>
>
>
> On Tuesday, March 1, 2016 at 2:55:42 AM UTC+2, vishwa...@gmail.com
> <https://web.chilipiper.com/link/mifos.org/56d5c78ee4b02bbec5bbcfa1?link=bWFpbHRvJTNBdmlzaHdhLi4uJTQwZ21haWwuY29t>
> wrote:
>
> George ,
>
> Could you please replicate the same on the demo servers and share the loan
> ID's ?
>
> If you are using declining balance interest calculation, manually changing
> the first scheduled repayment date would result in a corresponding
> adjustment to the interest calculated over the duration of the loan
>
> Regards,
> Vishwas
>
> > On Feb 29, 2016, at 5:24 AM, Georges Lteif <george...@almajmoua.org
> <https://web.chilipiper.com/link/mifos.org/56d5c78ee4b02bbec5bbcfa1?link=bWFpbHRvJTNBZ2VvcmdlLi4uJTQwYWxtYWptb3VhLm9yZw==>>
> wrote:
> >
> > Hello All
> > i have been doing some tests on different calculations for the MifosX
> interest
> >
> > what i have done is:
> > create a product with a monthly interest of 1.3%
> > Rounding mode if half up
> > no decimals
> > flat interest
> >
> > and created a loan of an amount of 2900$ over a term of 21 months / 21
> Payments/ 1 payment per month
> >
> > I used the first repayment date to try different scenarios and the weird
> thing is that the total interest amount is changing each time i specify a
> different 1st repayment day
> > i added some screenshots for 3 scenarios to show how the last payment
> interest is changing, where i used 3 different 1st repayment dates (mid
> march) , 1st of april and 12th of april
> >
> > my question is why the total interest is changing according to the first
> repayment day, shouldn't the total interest be calculated according the
> capital and number of months regardless when the 1st repayment is set?
> > am i missing some configuration somewhere?
> >
> > thanks
> > <Screenshot_1.jpg>
> > <Screenshot_2.jpg>
> > <Screenshot_3.jpg>
> >
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--
*Ed Cable*
Director of Community Programs, Mifos Initiative
edcable@mifos.org
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