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

["Saifudeen Khan (Jira)" <ji...@apache.org>]

     [ https://issues.apache.org/jira/browse/FINERACT-1240?page=com.atlassian.jira.plugin.system.issuetabpanels:all-tabpanel ]

Saifudeen Khan updated FINERACT-1240:
-------------------------------------
    Attachment: Calculations.xlsx

> interest calculation mismatching 
> ---------------------------------
>
>                 Key: FINERACT-1240
>                 URL: https://issues.apache.org/jira/browse/FINERACT-1240
>             Project: Apache Fineract
>          Issue Type: Bug
>            Reporter: mageshwaran
>            Priority: Major
>         Attachments: Calculations.xlsx
>
>
> 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



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