Santosh Math created FINERACT-343:
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Summary: Interest calculation on flat loans using wrong payment
Periods In One Year
Key: FINERACT-343
URL: https://issues.apache.org/jira/browse/FINERACT-343
Project: Apache Fineract
Issue Type: Bug
Components: Loan
Reporter: Santosh Math
Assignee: Markus Geiss
Reported by AndrewDzakpasu at https://mifosforge.jira.com/browse/MIFOSX-1887
Original Description:
Create a flat loan product using 30 days p/m and 360 days p/y repayment type .
create a loan using this product
For example: If this works correctly and I do a 30 day loan with 20% per month
interest in environment I would expect the interest on 1.000$ to be $200. Right
now because it defaults to DefaultPaymentPeriodsInOneYearCalculator using the
method public Integer calculate(final PeriodFrequencyType
repaymentFrequencyType)
which uses hard coded days in a year as 365 instead of 360 which was created
with the product. when previewing the schedule it shows 197.23 instead of 200
dollars.
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