Zayyad,
Actually on second look I can see what happened and I made the same mistake.
The reason you were seeing 12,000 interest per month was because you
had the loan settings as follows:
Loan amount: 50,000.00
repaid every 12 months
# of repayments: 12
essentially a 12 year loan when I think y
Hi,
Yes our right. It should of course be 12,000 KSH in total for the
interest which is 1,000 KSH per month, not 12, KSH per month.
We'll fix that straightaway - we focussedon declining balance and
equal installments as that was the product type used by first adopter.
appreciate the feedback,
Hi John,
Look into the interest calculation, we created a product (IBL Mabeshte) and
specified 2% per month which is equivalent to 24% per annum.
On testing, we created a loan account of Kenya Shillings 50,000 payable in
12 months. The interest per month should be 50,000 * 2% which is 1,000/=
but
