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From "Sander van der Heijden (JIRA)" <j...@apache.org>
Subject [jira] [Created] (FINERACT-59) Interest calculation for flat interest loans incorrect for "Same as repayment period"
Date Wed, 02 Mar 2016 13:11:18 GMT
Sander van der Heijden created FINERACT-59:
----------------------------------------------

             Summary: Interest calculation for flat interest loans incorrect for "Same as
repayment period"
                 Key: FINERACT-59
                 URL: https://issues.apache.org/jira/browse/FINERACT-59
             Project: Apache Fineract
          Issue Type: Bug
            Reporter: Sander van der Heijden
            Assignee: Markus Geiss
            Priority: Critical


After the recent refactoring of the interest calculation code, the generation of flat interest
loan schedules is having unexpected behaviour when the 'Same as Repayment period' calculation
type is selected.

Scenario:
- 6 month flat loan of 10,000
- Interest rate of 20% annual
- Disbursement date: 01-03-2016
- First repayment date: 09-03-2016

Expected result:
- Total interest of 10,000 * (20%/12)*6 terms = 1000

Current result:
- Total interest calculated over 6 months + 8 days (the extra 8 at the start of the loan).







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