Did you try setting the rounding mode to 4 to 6 in configuration and see if that helps.
Thanks On Fri, Oct 23, 2020 at 12:44 AM Saifudeen Khan <[email protected]> wrote: > Team > > > > I am new to Fineract and presently trying to learn the platform. I created > a loan product with the following terms > > > > Principal - 100000; Interest - 10%/year; 12 months duration; declining > balance; 30/360 method > > > > How does the interest calculation part work here? I tried doing a sanity > and found a difference of 4/- for a mount of 100000 issued over for a > period of 12 months with 10% interest/year > > > > Step 1: Disbursed Loan on 20-Oct > Step 2: Repayment of 2 EMI (Nov, Dec) > Step 3: Reschedule Loan from 20 Jan 2021 to 14 Feb 2021 > Step 4: View Repayment schedule > Step 5: See the interest calculated for 14 Feb 2021 as 1,264.520 > > While validating manually (Interest = P-Pp*10%*54/360), as the duration > comes as 54 days and upon calculation it comes as 1260/- only, whereas > fineract gives 1264.50/- > > I am not sure from where the difference 4 has come during the calculation. > > Regards > > s@if > > > Disclaimer: "The contents of this e-mail and any attachments enclosed > therein are intended solely for the addressee(s) and may contain > confidential and/or privileged information. It may also be the sole > intellectual and proprietary resource of Zuci Systems and therefore may be > legally protected from disclosure. If you are not the intended recipient of > this message, or if this message has been addressed to you by inadvertence, > kindly alert the sender by email and then follow with its deletion. If you > are not the intended recipient, you are hereby notified that any use, > dissemination, copying, or storage of this message or its attachments is > strictly prohibited and shall make you liable for consequences under > applicable laws." > -- Thanks and regards, Saransh Sharma Research Partner This mail is governed by Muellners® IT policy. The information contained in this e-mail and any accompanying documents may contain information that is confidential or otherwise protected from disclosure. If you are not the intended recipient of this message, or if this message has been addressed to you in error, please immediately alert the sender by reply e-mail and then delete this message, including any attachments. Any dissemination, distribution or other use of the contents of this message by anyone other than the intended recipient is strictly prohibited. All messages sent to and from this e-mail address may be monitored as permitted by applicable law and regulations to ensure compliance with our internal policies and to protect our business. E-mails are not secure and cannot be guaranteed to be error free as they can be intercepted, amended, lost or destroyed, or contain viruses. You are deemed to have accepted these risks if you communicate with us by e-mail.
