Thomas,
To be clear that FLAT rates will never be equal to Declining balance, they
are calculated completely differently - a quick search online should help
clarify that.
But I would agree, that Declining Balance with interest recalculation
should be nearly equivalent to Declining Balance - Altho
Hello Keith,
It would be nice if total interest due for the whole loan adds up to
effectively bring the total installments due for the whole loan
similar to that of Flat or Declining Balance.
Or if Declining Balance with interest recalculation can be calculated
Monthly instead of Daily.
I have bee
Thomas,
you would expect the total interest due for first installment of the
loan whether its flat or declining to be the same. However mifos
'produces equal installments by default' and so the total installment
due might well be off due to this. are you talking about the total
installment due or
Thomas,
Rather than try to deal with workarounds, it would be better if we
implemented exactly what you require. I think jakub/soldevho recently
put in support for 'flat' interest method (might be wrong) but i guess
the problem is that when first calculating the loan schedule (monthly
or weekly pe
Thanx Keith
Any work around? Possibly add the balance as a misc fee, so as to
bring the figure to that of flat interest calculation??
Let me know what you think
Tx
On Feb 24, 5:33 pm, Keith Woodlock wrote:
> Thomas,
>
> You are correct. Interest Recalculation is done based on 'days'. As
> such
Thomas,
You are correct. Interest Recalculation is done based on 'days'. As
such you will see some differences between monthly calculated figures.
Keith.
On Fri, Feb 24, 2012 at 2:01 PM, Thomas (Uganda) wrote:
> Hi, thanx for the reply.
> The Interest rate is 10% per month (120% per annum),
> L
Hi, thanx for the reply.
The Interest rate is 10% per month (120% per annum),
Loan Product is setup for Monthly Repaymnt is Monthly.
My feeling is that mifos's Declining Balance- Interest Recalculation
is calculating, Interest PER DAY and not PER MONTH hence the variance
in figures from that of Fl
Hello Thomas;
Is the interest rate 10% or 120%, you have indicated 120 in your email but
just when you calculate the percentage simply to get repayment of
2,200,000/= from a loan of 2,000,000 the rate is 10. Declining balance will
be different from Flat if there are more than one installment which
Hello, just need some clarification when using declining balance with
interest recalculation in mifos
Scenario 1: When i use Flat interest rate of 120 per annum , Loan
Amount: 2,000,000 and 1 installment = Expected payback is 2,200,000
Scenario 2 When i use Declining Balance with Interest Recalc
