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From "Shaik Nazeer Hussain (JIRA)" <j...@apache.org>
Subject [jira] [Resolved] (FINERACT-59) Interest calculation for flat interest loans incorrect for "Same as repayment period"
Date Fri, 18 Mar 2016 09:56:33 GMT

     [ https://issues.apache.org/jira/browse/FINERACT-59?page=com.atlassian.jira.plugin.system.issuetabpanels:all-tabpanel
]

Shaik Nazeer Hussain resolved FINERACT-59.
------------------------------------------
    Resolution: Fixed

> 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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