Title: Message Title
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Currently, compounding can be enabled on: - Interest - Fees - Interest + Fees These three options to be supported.
And Mifos, treats the compounding period to be the same as the Rest period (or Frequency for recalculate Outstanding Principal).
In reality, interest compounding can happen at a period which is different from the Rest period. Mifos to be enhanced to support this.
For example: Loan with Daily-Reducing-Balance-based Interest computation, but compounded monthly.
Rules for first release: a) Compounding period can only be in multiples of the rest period Valid combinations: Daily Rest, monthly compounding Daily Rest, weekly compounding Weekly Rest, Fortnightly compounding Invalid combinations: Monthly Rest, daily compounding (compounding period less than Rest) Weekly Rest, Monthly compounding (compounding period is not a multiple of the Rest period) b) This will be enabled only for products that allow interest recalculation c) On the date of compounding interest, Mifos will compute interest as following : - Principal outstanding as the relevant rest dates - Interest for each of overdue installments to be computed on Principal + Interest All overdue Interests (+ Fees, if applicable) Please see attached excel sheet for calculation.
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