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Posted to dev@fineract.apache.org by "ASF GitHub Bot (JIRA)" <ji...@apache.org> on 2016/03/07 12:47:40 UTC
[jira] [Commented] (FINERACT-59) Interest calculation for flat
interest loans incorrect for "Same as repayment period"
[ https://issues.apache.org/jira/browse/FINERACT-59?page=com.atlassian.jira.plugin.system.issuetabpanels:comment-tabpanel&focusedCommentId=15182909#comment-15182909 ]
ASF GitHub Bot commented on FINERACT-59:
----------------------------------------
GitHub user pramodn02 opened a pull request:
https://github.com/apache/incubator-fineract/pull/27
FINERACT-59 : corrected interest calculation for flat loans
You can merge this pull request into a Git repository by running:
$ git pull https://github.com/pramodn02/incubator-fineract FINERACT-59
Alternatively you can review and apply these changes as the patch at:
https://github.com/apache/incubator-fineract/pull/27.patch
To close this pull request, make a commit to your master/trunk branch
with (at least) the following in the commit message:
This closes #27
----
commit 859c0affefe95d61c1cae8a7f158288591ba5ad0
Author: pramod <pr...@confluxtechnologies.com>
Date: 2016-03-07T11:45:56Z
FINERACT-59 : corrected interest calculation for flat loans
----
> Interest calculation for flat interest loans incorrect for "Same as repayment period"
> -------------------------------------------------------------------------------------
>
> Key: FINERACT-59
> URL: https://issues.apache.org/jira/browse/FINERACT-59
> Project: Apache Fineract
> Issue Type: Bug
> Reporter: Sander van der Heijden
> Assignee: Markus Geiss
> Priority: Critical
>
> After the recent refactoring of the interest calculation code, the generation of flat interest loan schedules is having unexpected behaviour when the 'Same as Repayment period' calculation type is selected.
> Scenario:
> - 6 month flat loan of 10,000
> - Interest rate of 20% annual
> - Disbursement date: 01-03-2016
> - First repayment date: 09-03-2016
> Expected result:
> - Total interest of 10,000 * (20%/12)*6 terms = 1000
> Current result:
> - Total interest calculated over 6 months + 8 days (the extra 8 at the start of the loan).
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