Team I am new to Fineract and presently trying to learn the platform. I created a loan product with the following terms
Principal - 100000; Interest - 10%/year; 12 months duration; declining balance; 30/360 method 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 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 (Interest = P-Pp*10%*54/360), as the duration comes as 54 days and upon calculation it comes as 1260/- only, whereas fineract gives 1264.50/- I am not sure from where the difference 4 has come during the calculation. Regards s@if Disclaimer: "The contents of this e-mail and any attachments enclosed therein are intended solely for the addressee(s) and may contain confidential and/or privileged information. It may also be the sole intellectual and proprietary resource of Zuci Systems and therefore may be legally protected from disclosure. If you are not the intended recipient of this message, or if this message has been addressed to you by inadvertence, kindly alert the sender by email and then follow with its deletion. If you are not the intended recipient, you are hereby notified that any use, dissemination, copying, or storage of this message or its attachments is strictly prohibited and shall make you liable for consequences under applicable laws."
Calculations.xlsx
Description: Calculations.xlsx
