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Subject Re: Wrong Interest calculation
Date Tue, 14 Feb 2017 14:36:58 GMT
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Mexina,

The issue is you are trying to calculate monthly interest with weekly repayment schedules.

I have seen this as well and the workaround we have been using is to divide the monthly interest
by 4 and then multiply by 52 to get annual rate.

Configure the product with interest per year then see if you will get right interest using
weekly schedules.

Regards,

Sent from Samsung tablet

Mexina Daniel <mexina@singo.co.tz> wrote:

Hi Santosh

For what i know

If PrincipalĀ  = 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 thinkĀ  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?
>>>>
>>>>
>>>> --
>>>> Mexina M Daniel
>>>> 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
>> 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
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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