Sander van der Heijden created FINERACT-59:
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Summary: Interest calculation for flat interest loans incorrect
for "Same as repayment period"
Key: FINERACT-59
URL: https://issues.apache.org/jira/browse/FINERACT-59
Project: Apache Fineract
Issue Type: Bug
Reporter: Sander van der Heijden
Assignee: Markus Geiss
Priority: Critical
After the recent refactoring of the interest calculation code, the generation
of flat interest loan schedules is having unexpected behaviour when the 'Same
as Repayment period' calculation type is selected.
Scenario:
- 6 month flat loan of 10,000
- Interest rate of 20% annual
- Disbursement date: 01-03-2016
- First repayment date: 09-03-2016
Expected result:
- Total interest of 10,000 * (20%/12)*6 terms = 1000
Current result:
- Total interest calculated over 6 months + 8 days (the extra 8 at the start of
the loan).
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