Hi Zayyad Thank you for the clarification. The workaround worked
Regards "Zayyad A. Said" <zay...@intrasofttechnologies.com> wrote: > >Mexina, > >The issue is you are trying to calculate monthly interest with weekly >repayment schedules. > >I have seen this as well and the workaround we have been using is to divide >the monthly interest by 4 and then multiply by 52 to get annual rate. > >Configure the product with interest per year then see if you will get right >interest using weekly schedules. > >Regards, > >Zayyad A. Said > >Sent from Samsung tablet > >Mexina Daniel <mex...@singo.co.tz> wrote: > >Hi Santosh > >For what i know > >If Principal = 50,000, interest = 3% for month >This means the interest charged for one month is 1500 and for 3 months >it will be 4500. > >Now in Mifos: when you configure the same principal and interest but >repaid every week for 12 weeks (= 3months) it gives total interest 4,154. > >The interest for 1 week should be 375 but the system says it is 346 ( >gives 4154 after 12 repayment) > > > >On 02/14/2017 04:26 PM, Santosh Math wrote: >> Hi Mexina, >> >> Could you give me the formula which you are using to calculate interest? >> >> >> >> On Feb 14, 2017 6:38 PM, "Mexina Daniel" <mex...@singo.co.tz> wrote: >> >>> Hi Santosh >>> >>> I did check it with "Currency multiple of" 1, it still gives wrong interest >>> >>> https://demo.openmf.org/#/viewloanaccount/625 >>> >>> >>> When you configure loan term in months and repaid every 1 month it give >>> correct interest with both "Currency multiple of" 1 and "Currency multiple >>> of" 100. >>> >>> Regards >>> >>> On 02/14/2017 01:40 PM, Santosh Math wrote: >>> >>>> Hi Mexina, >>>> >>>> I think you set 'Currency in Multiple of ' 100 and it is rounding off to >>>> nearest 100th value. Check it again with 'Currency in Multiple of' as 1. >>>> >>>> https://demo.openmf.org/#/editloanproduct/144 >>>> >>>> On Tue, Feb 14, 2017 at 3:36 PM, Mexina Daniel <mex...@singo.co.tz> >>>> wrote: >>>> >>>> Hi dev! >>>>> When you apply a loan and configure loan term 12 weeks, number of >>>>> repayment 12 and repaid every 1 week, the system wrongly calculate >>>>> interest >>>>> >>>>> I reproduced this in https://demo.openmf.org/#/viewloanaccount/624 >>>>> >>>>> Am i setting it wrong somewhere? >>>>> >>>>> Thank in advance >>>>> >>>>> -- >>>>> Mexina M Daniel >>>>> Lead Software Developer >>>>> Research & Development >>>>> >>>>> Tel:+255 222 618 511 | Mob: +255 712 110 791 >>>>> >>>>> Singo Africa Limited >>>>> Block G,Mbezi Beach B| 7 Nakawale Road| P.O.Box 78908| 14121 Dar es >>>>> Salaam >>>>> >>>>> singo.co.tz >>>>> >>>>> Lets grow together >>>>> >>>>> >>>>> >>> -- >>> Mexina M Daniel >>> Lead Software Developer >>> Research & Development >>> >>> Tel:+255 222 618 511 | Mob: +255 712 110 791 >>> >>> Singo Africa Limited >>> Block G,Mbezi Beach B| 7 Nakawale Road| P.O.Box 78908| 14121 Dar es Salaam >>> >>> singo.co.tz >>> >>> Lets grow together >>> >>> > >-- >Mexina M Daniel >Lead Software Developer >Research & Development > >Tel:+255 222 618 511 | Mob: +255 712 110 791 > >Singo Africa Limited >Block G,Mbezi Beach B| 7 Nakawale Road| P.O.Box 78908| 14121 Dar es Salaam > >singo.co.tz > >Lets grow together >
