1. Create a Loan product with the following datasets: Loan amount: 10000 Repayment Strategy: RBI (India) Repayments: 12 every 1 Months Amortization: Equal installments Interest: 12 per annum (1% Per month) - Declining Balance Interest Calculation Period: Daily Interest Type: Declining Balance Recalculate Interest: Yes Advance payments adjustment type: Reduce number of installments Pre-closure interest calculation rule: Calculate till pre closure date Interest recalculation compounding on: None Frequency for recalculate Outstanding Principal: Daily Frequency Interval for recalculation: 1 Frequency Date for recalculation: 01 January 2014
2. Create a client and submit new loan application for a client with above mentioned loan product on 01 January 2014, expected disbursement date on 01 January 2014, interest charged from 01 January 2014 and first repayment on 01 June 2014. 3. Approve and disburse on 01 January 2014. 4. Make first repayment of 1000 on 01 March 2014 - Interest should calculated upto 28 February 2014 and should get collected on 01 March 2014 - working as expected. 5. Make another repayment on 01 April 2014 - Interest should get calculated for the Balance loan amount (after repayment on 01 March 2014), from 01 March 2014 to 31 March 2014 and should get collected on 01 April 2014. > But displaying improper interest amount on 01 April 2014.
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