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From "Mexina Daniel (JIRA)" <j...@apache.org>
Subject [jira] [Commented] (FINERACT-417) The interest distributed is not correct when "interest free period" has a value and interest method is flat
Date Mon, 24 Jul 2017 12:26:00 GMT

    [ https://issues.apache.org/jira/browse/FINERACT-417?page=com.atlassian.jira.plugin.system.issuetabpanels:comment-tabpanel&focusedCommentId=16098287#comment-16098287
] 

Mexina Daniel commented on FINERACT-417:
----------------------------------------

[~santoshmath], the interest now are distributed equally but there is still something long
with the logic used during implementation
When you put '2' as a value in interest free period, i believe the first two repayments should
be interest free and the rest repayment the system to calculate the normal interest expected.

See the example https://staging.openmf.org/#/viewloanaccount/53

The 1% of the principal which is monthly interest is 100, this was the expected interest from
the third repayment to the last repayment but the system took the total interest of 12 months
and distributed them to the rest repayments(10 months) instead of considering the interest
of only ten remained months

> The interest distributed is not correct when "interest free period" has a value and interest
method is flat
> -----------------------------------------------------------------------------------------------------------
>
>                 Key: FINERACT-417
>                 URL: https://issues.apache.org/jira/browse/FINERACT-417
>             Project: Apache Fineract
>          Issue Type: Bug
>          Components: Loan
>            Reporter: Mexina Daniel
>            Assignee: Santosh Math
>              Labels: p1
>             Fix For: 1.0.0
>
>
> When in loan product the "interest free period" has a value, In the Repayment Schedule,
the total interest required is correct but the distribution of the interest is not.
> Reproduce by:
> 1 Create loan product: Admin->Products->Loan Product->Create 
> 2. Default amount 40,000, re-payed every 1 month, number of repayments 4., nominal interest
rate 10, interest free period put  1, interest method : flat
> 3.Submit
> 4. Apply a loan to an active client and submit
> When you view a repayment schedule, the interest in first installment is 0, the interest
in rest of installment are not equal even though it gives the correct total interest.



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