Dear Ramesh,
Please clear
Your Reducing rate:
Your penal rate:
Tenor:
On Fri, Jul 15, 2011 at 1:08 AM, Ramesh Nayak <
[email protected]> wrote:
> Hi All,
>
>
> In Mifos 2.1.3 while defining the loan product there is an option in
> "Interest rate type: Declining Balance-Interest Recalculation", i had used
> that option .
>
> The principle amount is 10220, Interest is 26%, No:of installments is 13,
> frequency of installments is 4 weeks i.e., 28 days. with this data i got the
> installment amount exactly as Rs.900.
>
> I had disbursed the loan on 28-June-2011.
>
> The first installment is on 26-July-2011 where customer has to pay Rs.900
> but did not pay. If the customer is paying on 31st july, then As on 31st
> July 2011 Mifos has to calculate the interest for the remaining 5 days.
>
> Instead Mifos had calculated the interest and the interest amount is
> reflected in the second installment and the amount for second installment is
> 902.5 in Mifos.
>
> I just wanted to know how does it calculate exactly and on what
> formula? According to accounts department it should be Rs.5, but in Mifos it
> is Rs 2.50, please guide regarding this.
>
> According to our accounts department, interest should be calculated as:
>
> Principle outstanding*Interest rate*No:of days/(365*1000).
>
> Please give assistance regarding this query.
>
> --
> Thanks and Regards,
> Ramesh.A.Nayak| Software Trainee @ ConfluxTechnologies | Address :#412,
> 20th Main,Chord Road 1st Block Rajajinagar Bengaluru,Karnataka-560010 |
> Email :[email protected] | website:
> WWW.Confluxtechnologies.com <http://www.confluxtechnologies.com/> |
> Contact Number - Mob : +919739317276.
>
>
>
>
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--
AMIT JAIN | E.D | Digamber Finance (Chota Loan Bade Sapne) | +919414041821 |
------------------------------------------------------------------------------
AppSumo Presents a FREE Video for the SourceForge Community by Eric
Ries, the creator of the Lean Startup Methodology on "Lean Startup
Secrets Revealed." This video shows you how to validate your ideas,
optimize your ideas and identify your business strategy.
http://p.sf.net/sfu/appsumosfdev2dev
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