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From "Santosh Math (JIRA)" <j...@apache.org>
Subject [jira] [Created] (FINERACT-317) Installment amount defined for flat type loans is not working properly for Amortization "Equal Installments"
Date Wed, 21 Dec 2016 10:53:58 GMT
Santosh Math created FINERACT-317:
-------------------------------------

             Summary: Installment amount defined for flat type loans is not working properly
for Amortization "Equal Installments"	
                 Key: FINERACT-317
                 URL: https://issues.apache.org/jira/browse/FINERACT-317
             Project: Apache Fineract
          Issue Type: Bug
          Components: Loan
            Reporter: Santosh Math
            Assignee: Markus Geiss
         Attachments: 115.png, 116.png

Reported by Subramanya at https://mifosforge.jira.com/browse/MIFOSX-2260
Original Description:
1. Create Loan product with Amortization -"Equal Installment" and Interest type as "Flat",
Select the check box "Allow fixing of the installment amount".
2. Submit new loan application for a client with the above loan product on 01 September 2015,
Loan amount 10000, no. of repayments 12, repaid every 1 month, define installment amount as
950.
> Since installment amount is defined all installment amount should be 950, since flat
interest method is defined interest calculated should be 100 throughout the loan and for last
installment the repayment should get adjusted with the balance.
> Here it is displaying installment amount as 933.33 only.



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