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Santosh Math commented on FINERACT-14: -------------------------------------- Tested it on 16.12.01.RELEASE. The issue still exists. > Improper Repayment Strategy in Overdue/Fee/Int/Principal Strategy > ----------------------------------------------------------------- > > Key: FINERACT-14 > URL: https://issues.apache.org/jira/browse/FINERACT-14 > Project: Apache Fineract > Issue Type: Bug > Reporter: Dayna Harp > Assignee: Markus Geiss > Priority: Minor > Labels: confirm, p3 > > https://mifosforge.jira.com/browse/MIFOSX-2397 - See for attachments > In "Overdue/Due Fee/Int,Principal" repayment strategy for loans with interest > recalculation enabled, early repayment interest computation is not proper if > interest calculation period is Daily and rest frequency as Daily > 1. Create loan product with following datasets, > Repayment Strategy:Overdue/Due Fee/Int Principal, > Repayments:12 every 1 Months, > Amortization:Equal installments > Interest:12 per annum (1% Per month), > Interest Calculation Period as Daily, > Interest Type:Declining Balance > Recalculate Interest:Yes > Days in year:Actual > Days in month:Actual > Interest recalculation compounding on:None > Advance payments adjustment type:Reduce number of installments > Frequency for recalculate Outstanding Principal:Daily, every 1 day from 01 > September 2015. > 2. Create a client and submit new loan application on 01 September 2015, > approve and disburse on same date. > 3. Make early repayment on 15 September 2015. > >Interest calculated for 01 October 2015 is not proper, > > Since repayment is done on 15 September interest should get computed for 14 > > days for 10000, and for 01 October interest should get computed for 16 days > > for principal balance only. > ie Interest for 15 September 2015 > 10000*(12%/365)*14 = 46.03, > Principal due > 887.72-46.03 = 841.69, > Balance of Loan > 10000 - 841.69 = 9158.31. > Interest for 16 days should get calculated for 9158.31 only. -- This message was sent by Atlassian JIRA (v6.3.4#6332)