[jira] [Commented] (FINERACT-39) Simple Interest Calculation for Savings

["Adi Raju (JIRA)" <ji...@apache.org>]

    [ https://issues.apache.org/jira/browse/FINERACT-39?page=com.atlassian.jira.plugin.system.issuetabpanels:comment-tabpanel&focusedCommentId=15168496#comment-15168496 ] 

Adi Raju commented on FINERACT-39:
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[~dharp@mifos.org] In the current implementation, while creating a savings product, if we choose "interest compounding period" and "interest posting period" to be same (for eg. quarterly for both), we should achieve the stated requirement. I do not see need for any enhancement. Is there any difference that we are missing here? We have asked the same question on the mifos JIRA issue as well, but it is not answered yet. I think we do not need this enhancement.

> Simple Interest Calculation for Savings
> ---------------------------------------
>
>                 Key: FINERACT-39
>                 URL: https://issues.apache.org/jira/browse/FINERACT-39
>             Project: Apache Fineract
>          Issue Type: Improvement
>          Components: Savings
>            Reporter: Dayna Harp
>            Assignee: Markus Geiss
>            Priority: Minor
>
> https://mifosforge.jira.com/browse/MIFOSX-2297
> [~adi.raju] For simple interest calculation, the formula would simply be: Simple Interest = Prinicipal*Rate*Time
> http://www.financeformulas.net/Simple_Interest.html



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