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From Mexina Daniel <mex...@singo.co.tz>
Subject Re: Wrong Interest calculation
Date Tue, 14 Feb 2017 14:18:44 GMT
Hi Santosh

For what i know

If Principal  = 50,000, interest = 3% for month
This means the interest charged for one month is 1500 and for 3 months 
it will be 4500.

Now in Mifos: when you configure the same principal and interest but 
repaid every week for 12 weeks (= 3months) it gives total interest 4,154.

The interest for 1 week should be 375 but the system says it is 346 ( 
gives 4154 after 12 repayment)



On 02/14/2017 04:26 PM, Santosh Math wrote:
> Hi Mexina,
>
> Could you give me the formula which you are using to calculate interest?
>
>
>
> On Feb 14, 2017 6:38 PM, "Mexina Daniel" <mexina@singo.co.tz> wrote:
>
>> Hi Santosh
>>
>> I did check it with "Currency multiple of" 1, it still gives wrong interest
>>
>> https://demo.openmf.org/#/viewloanaccount/625
>>
>>
>> When you configure loan term in months and repaid every 1 month it give
>> correct interest with both "Currency multiple of" 1 and "Currency multiple
>> of" 100.
>>
>> Regards
>>
>> On 02/14/2017 01:40 PM, Santosh Math wrote:
>>
>>> Hi Mexina,
>>>
>>> I think  you set 'Currency in Multiple of ' 100 and it is rounding off to
>>> nearest 100th value. Check it again with 'Currency in Multiple of' as 1.
>>>
>>> https://demo.openmf.org/#/editloanproduct/144
>>>
>>> On Tue, Feb 14, 2017 at 3:36 PM, Mexina Daniel <mexina@singo.co.tz>
>>> wrote:
>>>
>>> Hi dev!
>>>> When you apply a loan and configure loan term 12 weeks, number of
>>>> repayment 12 and repaid every 1 week, the system wrongly calculate
>>>> interest
>>>>
>>>> I reproduced this in https://demo.openmf.org/#/viewloanaccount/624
>>>>
>>>> Am i setting it wrong somewhere?
>>>>
>>>> Thank in advance
>>>>
>>>> --
>>>> Mexina M Daniel
>>>> Lead Software Developer
>>>> Research & Development
>>>>
>>>> Tel:+255 222 618 511 | Mob: +255 712 110 791
>>>>
>>>> Singo Africa Limited
>>>> Block G,Mbezi Beach B| 7 Nakawale Road| P.O.Box 78908| 14121 Dar es
>>>> Salaam
>>>>
>>>> singo.co.tz
>>>>
>>>> Lets grow together
>>>>
>>>>
>>>>
>> --
>> Mexina M Daniel
>> Lead Software Developer
>> Research & Development
>>
>> Tel:+255 222 618 511 | Mob: +255 712 110 791
>>
>> Singo Africa Limited
>> Block G,Mbezi Beach B| 7 Nakawale Road| P.O.Box 78908| 14121 Dar es Salaam
>>
>> singo.co.tz
>>
>> Lets grow together
>>
>>

-- 
Mexina M Daniel
Lead Software Developer
Research & Development

Tel:+255 222 618 511 | Mob: +255 712 110 791

Singo Africa Limited
Block G,Mbezi Beach B| 7 Nakawale Road| P.O.Box 78908| 14121 Dar es Salaam

singo.co.tz

Lets grow together


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