disable installment rounding input so as to avoid interest calculation difference. hope this helps
Regards Tesfahiwet Truneh On Mon, 26 Oct 2020 at 08:59, Saransh Sharma <[email protected]> wrote: > Did you try setting the rounding mode to 4 to 6 in configuration and see > if that helps. > > Thanks > > On Fri, Oct 23, 2020 at 12:44 AM Saifudeen Khan <[email protected]> > wrote: > >> 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." >> > > > -- > Thanks and regards, > > Saransh Sharma > Research Partner > > This mail is governed by Muellners® IT policy. > The information contained in this e-mail and any accompanying documents > may contain information that is confidential or otherwise protected from > disclosure. If you are not the intended recipient of this message, or if > this message has been addressed to you in error, please immediately alert > the sender by reply e-mail and then delete this message, including any > attachments. Any dissemination, distribution or other use of the contents > of this message by anyone other than the intended recipient is strictly > prohibited. All messages sent to and from this e-mail address may be > monitored as permitted by applicable law and regulations to ensure > compliance with our internal policies and to protect our business. E-mails > are not secure and cannot be guaranteed to be error free as they can be > intercepted, amended, lost or destroyed, or contain viruses. You are deemed > to have accepted these risks if you communicate with us by e-mail. >
