Devs,
We have a requirement from one of our clients to charge Late Payment Penalty on compounding basis and to calculate as % of outstanding balance (including fees). Here is a practical scenario of how the penalty should be calculated on weekly basis: Principal: 10,000/= Interest: 200/= Fees: 485/= Penalty on Week 1: (10,000+200+485) * 1% = 106.85 Penalty on Week 2: (10,000+200+485+106.85) * 1% = 107.92 Penalty on Week 3: (10,000+200+485+106.85+107.92) * 1% = 109.00 Penalty on Week 4: (10,000+200+485+106.85+107.92+109) * 1% = 110.09 I configured a penalty charge using calculation method as % Loan Amount + Interest and I noticed the penalty calculated every week is 102/=, it doesn't factor the fees of 485/= & also doesn't compound. Kindly advise how we can configure this penalty to achieve what the client is looking for. I have tried both in version 18.03.01 and 17.07.01 and the behaviour is the same. Regards; ******* Zayyad A. Said | Chairman & C.E.O Cell No.: +254 716 615274 | Skype: zsaid2011 Email: <mailto:zay...@intrasofttechnologies.com> zay...@intrasofttechnologies.com Schedule Meetings: <https://calendly.com/zayyadsaid> https://calendly.com/zayyadsaid Description: Email banner
