Hi Sander,
This looks like a unintentional regression from the change.
We need to fix this.
George,
Can you please raise a JIRA issue on FINERACT?
Regards,
Adi
From: Sander van der Heyden [mailto:sandervanderhey...@musoni.eu]
Sent: 01 March 2016 13:16
To: A good place to start for users or folks new to Mifos.
<mifos-users@lists.sourceforge.net>
Cc: Mifos Users <mifosus...@googlegroups.com>
Subject: Re: [Mifos-users] Explanation about Interest Calculation
Hi Subramanya, George
This is what was also discussed a while back when this rebuild was introduced
where we were assured then that it would not change for flat loans. However
testing this through from my end this looks like this is still breaking
existing functionality for upgrading users (we are currently merging the latest
branch and testing through stuff)
Going over our old e-mails you indicated that we would have to use the
"Interest Charged From Date" Option for that, however doing that on George's
example product, and setting it to 1 mo before startdate, it does not seem to
have any effect at all. I've setup loan IL13000000219 with a repay startdate of
14th of April and Interest calculated from 14th of March which then gives
exactly the same schedule as for Georges example on loan 215.
Is there any way simple setting which allows us to keep interest rates the same
as in the existing scenario, which is a fixed schedule loan (whether declining
or flat interest) with "Same as repayment Period" selected?
Thanks,
Sander
Sander van der Heyden
CTO Musoni Services
<http://musonisystem.com/logo.png>
Mobile (NL): +31 (0)6 14239505
Skype: s.vdheyden
Website: <http://musonisystem.com/> musonisystem.com
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Netherlands
On Tue, Mar 1, 2016 at 8:14 AM, Subramanya S N
<subrama...@confluxtechnologies.com <mailto:subrama...@confluxtechnologies.com>
> wrote:
Hi Georges Lteif,
In the above scenarios interest calculation will go in this way,
You have selected Interest Calculation Period as Same as repayment, here the
interest calculation with respect to periods need to be considered.
Also Since first repayment date is defined by you because of that loan term
will vary in all 3 scenarios.
Calculation,
Scenario 1:
1. 01 March 2016 to 01 May 2017 = 14
2. Period is considered from 01 March 2016 to 01 May 2017, but here it is 02
May 2017 = 1day/31(no. of days in May) = 0.03
3. Total periods = 14+0.03 = 14.03
4. Interest per year = 15.6% = 0.156
5. Total interest will be = 0.156* 14.03* 2000/12 = 364.838 = 365 (rounding off)
Similarly for the other 2 scenarios calculation will be similar to above. The
main reason why interest will change in each scenario is because of first
repayment date. because of that loan term get varied. Also Interest Calculation
Period as Same as repayment.
On Tuesday, March 1, 2016 at 11:10:01 AM UTC+5:30, Georges Lteif wrote:
Hello Vishwas
all our loans are with flat interest
i replicated the scenarios
-found on mifos test server under client with my Name (George Mitri Lteif)
loans IDS are
IL13000000216
IL13000000215
IL13000000214
its like the interest changes whenever you change he first repayment date
On Tuesday, March 1, 2016 at 2:55:42 AM UTC+2, vishwa...@gmail.com
<mailto:vishwa...@gmail.com> wrote:
George ,
Could you please replicate the same on the demo servers and share the loan ID's
?
If you are using declining balance interest calculation, manually changing the
first scheduled repayment date would result in a corresponding adjustment to
the interest calculated over the duration of the loan
Regards,
Vishwas
> On Feb 29, 2016, at 5:24 AM, Georges Lteif <george...@almajmoua.org
> <mailto:george...@almajmoua.org> > wrote:
>
> Hello All
> i have been doing some tests on different calculations for the MifosX
> interest
>
> what i have done is:
> create a product with a monthly interest of 1.3%
> Rounding mode if half up
> no decimals
> flat interest
>
> and created a loan of an amount of 2900$ over a term of 21 months / 21
> Payments/ 1 payment per month
>
> I used the first repayment date to try different scenarios and the weird
> thing is that the total interest amount is changing each time i specify a
> different 1st repayment day
> i added some screenshots for 3 scenarios to show how the last payment
> interest is changing, where i used 3 different 1st repayment dates (mid
> march) , 1st of april and 12th of april
>
> my question is why the total interest is changing according to the first
> repayment day, shouldn't the total interest be calculated according the
> capital and number of months regardless when the 1st repayment is set?
> am i missing some configuration somewhere?
>
> thanks
> <Screenshot_1.jpg>
> <Screenshot_2.jpg>
> <Screenshot_3.jpg>
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