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From "Santosh Math (JIRA)" <j...@apache.org>
Subject [jira] [Commented] (FINERACT-343) Interest calculation on flat loans using wrong payment Periods In One Year
Date Mon, 13 Feb 2017 11:35:41 GMT

    [ https://issues.apache.org/jira/browse/FINERACT-343?page=com.atlassian.jira.plugin.system.issuetabpanels:comment-tabpanel&focusedCommentId=15863520#comment-15863520
] 

Santosh Math commented on FINERACT-343:
---------------------------------------

Not reproducible. For  flat loan 20% per month with 1,000, the repayment schedule is showing
interest as 200.

 [~andrew.dzak], Do you think this issue still exists? I tested it on 16.12.01.RELEASE. 

> 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
>              Labels: P2
>
> 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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