Expected: On waveing the interest for the remaining payment interest the remaining interest should be totaled and waived off to zero.
In existing: But in existing -Although the interest is waved off completely, still it shows the amount in the interest which is getting derived from the principal.
Please find the attached screen shot, in the example: Loan disbursement:- 26 December 2014, of 15,000 with 52 loan term with every 1 week payment & rate of int - 27.7475% Per year) - Declining Balance.
Transactions as follows:- Made a first repayment as on:- 02 January 2015,
Then on same date,after the above repayment was: Outstanding principal : 14,749 Outstanding interest : 2,138 Total outstanding: 16,887
Waived interest as on 02 January 2015 of 2,138
But instead of becoming to zero it has still 80 left in the outstanding interest.
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