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From "thynn win (JIRA)" <j...@apache.org>
Subject [jira] [Comment Edited] (FINERACT-467) Request for equal installment (with equal principal and equal interest) loan schedule
Date Mon, 03 Jul 2017 03:44:00 GMT

    [ https://issues.apache.org/jira/browse/FINERACT-467?page=com.atlassian.jira.plugin.system.issuetabpanels:comment-tabpanel&focusedCommentId=16071891#comment-16071891
] 

thynn win edited comment on FINERACT-467 at 7/3/17 3:43 AM:
------------------------------------------------------------

[~mexina] Hi, Thanks for your reply. I didn't get a notification for some reason.

Well, the end result is not the same as what we expect.
They want the _effect _of the declining interest rate but redistributed the differences in
the installments to make them all equal amount. Their reasoning behind it is for simple people
to be able to understand and we are learning that the majority of MFIs use that way.

If we use equal principal and flat rate configuration (as suggested in 1073), the total is
completely different. It'd come out to a different annual rate but they wish to keep the same
30%.
https://demo.openmf.org/#/viewloanaccount/1198

Please review the left side of the excel spreadsheet to see the detail. 

Thanks again for your help.


was (Author: thynn):
[~mexina] Hi, Thanks for your reply. I didn't get a notification for some reason.

Well, the end result is not the same as what we expect.
They want the _effect _of the declining interest rate but redistributed the differences in
the installments to make them all equal amount. Their reasoning behind it is for simple people
to be able to understand and we are learning that the majority of MFIs does that way.

If we use equal principal and flat rate configuration (as suggested in 1073), the total is
completely different. It'd come out to a different annual rate but they wish to keep the same
30%.
https://demo.openmf.org/#/viewloanaccount/1198

Please review the left side of the excel spreadsheet to see the detail. 

Thanks again for your help.

> Request for equal installment (with equal principal and equal interest) loan schedule
> -------------------------------------------------------------------------------------
>
>                 Key: FINERACT-467
>                 URL: https://issues.apache.org/jira/browse/FINERACT-467
>             Project: Apache Fineract
>          Issue Type: New Feature
>          Components: Loan
>         Environment: Windows
>            Reporter: thynn win
>            Assignee: Markus Geiss
>            Priority: Critical
>              Labels: p2
>         Attachments: InterestRateCalculation-Mifos.xlsx, Request for equal installment
with equal interest and equal principal.jpg
>
>
> For loan repayment schedule, we would like to have an option for equal installment with
equal interest and equal principal option.  Please see the attachment (left grid) for the
sample schedule requested.
> Currently if we make equal installment, either principal or interest will be varying.
We will arrive at the same interest total interest at the end but our MFIs would like to have
flat interest and equal principal at the same time. 
> It's be immensely helpful for their borrowers to remember their balances and interest
as they are all the same every time.
> Please refer to the spreadsheet.



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