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From "May Myint (JIRA)" <j...@apache.org>
Subject [jira] [Commented] (FINERACT-467) Request for equal installment (with equal principal and equal interest) loan schedule
Date Mon, 21 Aug 2017 07:29:00 GMT

    [ https://issues.apache.org/jira/browse/FINERACT-467?page=com.atlassian.jira.plugin.system.issuetabpanels:comment-tabpanel&focusedCommentId=16134815#comment-16134815
] 

May Myint commented on FINERACT-467:
------------------------------------

[~nazeer1100126] With declining balance, the calculation should be the same but the interest
should be redistributed evenly. In the table on the left in the Excel sheet, you can see the
Effected interest amount, which is calculated using Declining balance. The total interest
is 30,000, which is then divided by the number of payments. 30,000/25 = 1,200.

> 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: Shaik Nazeer Hussain
>            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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