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From "Santosh Math (JIRA)" <j...@apache.org>
Subject [jira] [Created] (FINERACT-343) Interest calculation on flat loans using wrong payment Periods In One Year
Date Tue, 27 Dec 2016 12:15:58 GMT
Santosh Math created FINERACT-343:
-------------------------------------

             Summary: Interest calculation on flat loans using wrong payment Periods In One
Year
                 Key: FINERACT-343
                 URL: https://issues.apache.org/jira/browse/FINERACT-343
             Project: Apache Fineract
          Issue Type: Bug
          Components: Loan
            Reporter: Santosh Math
            Assignee: Markus Geiss


Reported by AndrewDzakpasu at https://mifosforge.jira.com/browse/MIFOSX-1887

Original Description:
Create a flat loan product using 30 days p/m and 360 days p/y repayment type . create a loan
using this product
For example: If this works correctly and I do a 30 day loan with 20% per month interest in
environment I would expect the interest on 1.000$ to be $200. Right now because it defaults
to DefaultPaymentPeriodsInOneYearCalculator using the 
method public Integer calculate(final PeriodFrequencyType repaymentFrequencyType) 
which uses hard coded days in a year as 365 instead of 360 which was created with the product.
when previewing the schedule it shows 197.23 instead of 200 dollars.



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