Santosh Math created FINERACT-317:
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Summary: Installment amount defined for flat type loans is not
working properly for Amortization "Equal Installments"
Key: FINERACT-317
URL: https://issues.apache.org/jira/browse/FINERACT-317
Project: Apache Fineract
Issue Type: Bug
Components: Loan
Reporter: Santosh Math
Assignee: Markus Geiss
Attachments: 115.png, 116.png
Reported by Subramanya at https://mifosforge.jira.com/browse/MIFOSX-2260
Original Description:
1. Create Loan product with Amortization -"Equal Installment" and Interest type
as "Flat", Select the check box "Allow fixing of the installment amount".
2. Submit new loan application for a client with the above loan product on 01
September 2015, Loan amount 10000, no. of repayments 12, repaid every 1 month,
define installment amount as 950.
> Since installment amount is defined all installment amount should be 950,
> since flat interest method is defined interest calculated should be 100
> throughout the loan and for last installment the repayment should get
> adjusted with the balance.
> Here it is displaying installment amount as 933.33 only.
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