Mexina, The issue is you are trying to calculate monthly interest with weekly repayment schedules.
I have seen this as well and the workaround we have been using is to divide the monthly interest by 4 and then multiply by 52 to get annual rate. Configure the product with interest per year then see if you will get right interest using weekly schedules. Regards, Zayyad A. Said Sent from Samsung tablet Mexina Daniel <mex...@singo.co.tz> wrote: Hi Santosh For what i know If Principal = 50,000, interest = 3% for month This means the interest charged for one month is 1500 and for 3 months it will be 4500. Now in Mifos: when you configure the same principal and interest but repaid every week for 12 weeks (= 3months) it gives total interest 4,154. The interest for 1 week should be 375 but the system says it is 346 ( gives 4154 after 12 repayment) On 02/14/2017 04:26 PM, Santosh Math wrote: > Hi Mexina, > > Could you give me the formula which you are using to calculate interest? > > > > On Feb 14, 2017 6:38 PM, "Mexina Daniel" <mex...@singo.co.tz> wrote: > >> Hi Santosh >> >> I did check it with "Currency multiple of" 1, it still gives wrong interest >> >> https://demo.openmf.org/#/viewloanaccount/625 >> >> >> When you configure loan term in months and repaid every 1 month it give >> correct interest with both "Currency multiple of" 1 and "Currency multiple >> of" 100. >> >> Regards >> >> On 02/14/2017 01:40 PM, Santosh Math wrote: >> >>> Hi Mexina, >>> >>> I think you set 'Currency in Multiple of ' 100 and it is rounding off to >>> nearest 100th value. Check it again with 'Currency in Multiple of' as 1. >>> >>> https://demo.openmf.org/#/editloanproduct/144 >>> >>> On Tue, Feb 14, 2017 at 3:36 PM, Mexina Daniel <mex...@singo.co.tz> >>> wrote: >>> >>> Hi dev! >>>> When you apply a loan and configure loan term 12 weeks, number of >>>> repayment 12 and repaid every 1 week, the system wrongly calculate >>>> interest >>>> >>>> I reproduced this in https://demo.openmf.org/#/viewloanaccount/624 >>>> >>>> Am i setting it wrong somewhere? >>>> >>>> Thank in advance >>>> >>>> -- >>>> Mexina M Daniel >>>> Lead Software Developer >>>> Research & Development >>>> >>>> Tel:+255 222 618 511 | Mob: +255 712 110 791 >>>> >>>> Singo Africa Limited >>>> Block G,Mbezi Beach B| 7 Nakawale Road| P.O.Box 78908| 14121 Dar es >>>> Salaam >>>> >>>> singo.co.tz >>>> >>>> Lets grow together >>>> >>>> >>>> >> -- >> Mexina M Daniel >> Lead Software Developer >> Research & Development >> >> Tel:+255 222 618 511 | Mob: +255 712 110 791 >> >> Singo Africa Limited >> Block G,Mbezi Beach B| 7 Nakawale Road| P.O.Box 78908| 14121 Dar es Salaam >> >> singo.co.tz >> >> Lets grow together >> >> -- Mexina M Daniel Lead Software Developer Research & Development Tel:+255 222 618 511 | Mob: +255 712 110 791 Singo Africa Limited Block G,Mbezi Beach B| 7 Nakawale Road| P.O.Box 78908| 14121 Dar es Salaam singo.co.tz Lets grow together
