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https://issues.apache.org/jira/browse/FINERACT-14?page=com.atlassian.jira.plugin.system.issuetabpanels:all-tabpanel
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Awasum Yannick reassigned FINERACT-14:
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Assignee: (was: Markus Geiss)
> 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
> Priority: Minor
> Labels: 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.
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