Hi Soham,
Thanks so much for getting this up on the wiki. I've had a chance to
review the spec and it's looking very clear and understandable how this
feature should work. Great job! Here is some feedback on my initial
look at your specification:
Naming of this feature in the UI
It sounds like one of the only open issues is the naming of the feature
and how it shows up in the drop down selection when you define a loan
product.
I liked your suggestion about making it a subset of 'Declining balance'.
Though I don't have any finance expertise to be able to comment on how
this is typically named, my suggestion would be that the drop down has
three values in it when this feature is added:
Flat
Declining balance - equal monthly installments
Declining balance - equal principal installments
Does anyone else in the community have experience with how these two
types of calculations are typically named in the finance world? It
would be nice to get some suggestions from anyone with knowledge in this
area.
Payment schedule
I notice in the example payment schedule you have provided, the Pp
(principal paid) is listed as 660 in your interest calculation. I think
this is a typo and should be 600? Or am I misunderstanding something?
Interest recalculation
One thing I wanted to note is that Mifos does not recalculate interest
if a payment is missed. It doesn't seem from the design of this feature
that you expect to recalculate interest, however I wanted to be clear
that a basic assumption with this feature/functional specification is
that this behavior will not change. Can you please add this as an
assumption in your 'consideration and assumptions' section?
Grace periods functionality
In your spec you mention that grace functionality would be applied to
this type of interest. I think the 'grace on all payments' behavior is
straight forward. Can you give an example of what the repayments would
look like if the loan account is created with 'principal only' grace? I
think this is still relatively straight forward (still follows the
formula in the same way) but I want to be sure that there's an explicit
example so there's no confusion. Could you add this in?
Principal due on last installment
If the user selects this option and the calculation becomes the same as
the existing 'declining balance' interest rate type, do you think we
should disable the checkbox from being selected? This isn't a
suggestion, but really a question. I'm not sure what is better from a
user perspective but I'm leaning towards disabling that functionality
(graying out the checkbox and making it unselectable) so that it's clear
that it will not result in equal principal installments (because no
principal is actually being paid per installment). What do you think?
Anyway, let me know your thoughts on the above feedback. Thanks again
for putting together a clear specification and getting it up on the wiki
for us quickly. Thanks also for your patience in waiting for feedback
from me.
Regards,
Aliya
________________________________
From: [EMAIL PROTECTED]
[mailto:[EMAIL PROTECTED] On Behalf Of
Soham Dhakal
Sent: Thursday, November 01, 2007 1:29 AM
To: 'Mifos functional discussions'
Subject: Re: [Mifos-functional] New Feature Request - Loan
InterestCalc.withequal principal payment
Hi Aliya,
I have added a wiki page. However i am unable to get it into the correct
hierarchy. How do i do that? Currently it shows up as a singelton on the
wiki contents page...
http://mifos.org/developers/wiki/DecliningBalanceInterestCalculationWith
EqualPrincipalInstallment
btw, the feature request page
(http://www.mifos.org/developers/wiki/FeatureRequest)
says "Once you have agreement on how the feature should work, submit the
feature to the mifos-functional mailing list. Once you've collected
feedback from the mailing-list, you can post the feature here on
Mifos.org on the Development Project Pages
<http://www.mifos.org/developers/wiki/DevelopmentProjectPages> wiki
page. "
so I was waiting for feedback from the list before posting it :-)
Thanks
Soham
________________________________
From: [EMAIL PROTECTED]
[mailto:[EMAIL PROTECTED] On Behalf Of
Aliya Walji
Sent: Thursday, November 01, 2007 1:45 AM
To: Mifos functional discussions
Subject: Re: [Mifos-functional] New Feature Request - Loan Interest
Calc.withequal principal payment
Hi Soham,
Thanks so much for following up quickly with the community with your
functional spec. I haven't reviewed it in detail yet, however it is
looking good. While I am reviewing it in detail and writing up any
feedback I have, I was wondering if you might be able to post this
functional specification on the Mifos Developer Wiki. This is the place
where we put all functional specifications that are being considered for
development (or are currently in development).
Having the functional spec on the wiki allows everyone to look in one
place for documentation and updates to specs and also reduces size of
emails sent around on the listserv (so that we don't have to pass
attachments back and forth). Here is the link to the location where you
can add your functional spec:
http://mifos.org/developers/wiki/DevelopmentProjectPages
If you have any questions about getting your functional spec on the
wiki, please don't hesitate to send email to the listserv and we can
help you out.
Thanks,
Aliya
________________________________
From: [EMAIL PROTECTED]
[mailto:[EMAIL PROTECTED] On Behalf Of
Soham Dhakal
Sent: Monday, October 29, 2007 9:20 PM
To: 'Mifos functional discussions'
Subject: [Mifos-functional] New Feature Request - Loan Interest Calc.
withequal principal payment
Hi all,
Following up on my previous posts about deploying mifos in Nepal, here
is a feature request document. Please send me your concerns, comments
and feedback.
Thanks and Regards,
-Soham
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