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https://issues.apache.org/jira/browse/FINERACT-306?page=com.atlassian.jira.plugin.system.issuetabpanels:all-tabpanel
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Santosh Math closed FINERACT-306.
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Resolution: Fixed
Tested it on 16.12.01.RELEASE. Actually, Mifos application is showing right
values of Interest.
> After Late repayment - interest is not computing properly in Repayment
> schedule page for the loan with interest recalculation
> -----------------------------------------------------------------------------------------------------------------------------
>
> Key: FINERACT-306
> URL: https://issues.apache.org/jira/browse/FINERACT-306
> Project: Apache Fineract
> Issue Type: Bug
> Components: Loan
> Reporter: Santosh Math
> Assignee: Markus Geiss
> Labels: confirm, p1
> Attachments: 21.png
>
>
> Reported by Subramanya at https://mifosforge.jira.com/browse/MIFOSX-2086
> Original Description:
> 1. Create Loan product with following data-sets:
> Principal: 10,000,
> Number of Repayments: 12
> Repay Every: 1 Months
> Nominal Interest Rate: 1 Per month
> Minimum days between disbursal and first repayment date
> Settings:
> Amortization: Equal installments
> Interest Method: Declining Balance
> Interest Calculation Period: Daily
> Repayment Strategy: RBI (India)
> Days in year: Actual
> Days in month: Actual
> Principal Threshold (%) for Last Installment: 0
> Allow fixing of the installment amount:No
> Interest Recalculation
> Recalculate Interest: Yes
> Advance payments adjustment type: Reduce EMI amount
> Pre-closure interest calculation rule: Calculate till pre-closure date
> Interest recalculation compounding on: None
> Frequency for recalculate Outstanding Principal: Daily
> Frequency Interval for recalculation: 1
> Frequency Date for recalculation: 01-Jan-15
> Is Arrears recognization based on original schedule:No
> Loan Tranche Details
> Enable Multiple Disbursal: TRUE
> Maximum Tranche count:1
> Maximum allowed outstanding balance:10000
> 2. Create a Client and submit new loan application for a client on 01 January
> 2015, with tranche details as date 01 January 2015 and amount 10000 ->
> Approve and disburse on 01 January 2015.
> 3. Make repayment on 15 February 2015 (repayment due on 01 February 2015 but
> made late repayment).
> > Interest calculated after 1st repayment is not proper.
> Please refer the screen shot attached.
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