Let me try again. Sorry, but I incorrectly described how Mifos expects the interest rate to be entered. However, I still desire help with how best to handle my MFI client's service charge/interest rate. SEM charges a flat rate, say 10%, of the loan amount. That's 10% of the total loan amount regardless of whether the loan term is 3 months or 24 months. It is not 10% per year. The payment of that charge is spread evenly over the installments.
SEM would like to avoid their loan officers having to calculate the equivalent APR interest rate. I looked at defining the charge as a fee instead of the loan service charge/interest rate in the Mifos demo. If I define the fee as a one-time fee, it is not spread over the installments. If I define the fee as periodic, the rate entered is per installment. Is there a way for this service charge to be entered as 10% and have payment spread over the installments? Any suggestions? Thank you, Jeff ------------------------------------------------------------------------- This SF.net email is sponsored by the 2008 JavaOne(SM) Conference Don't miss this year's exciting event. There's still time to save $100. Use priority code J8TL2D2. http://ad.doubleclick.net/clk;198757673;13503038;p?http://java.sun.com/javaone _______________________________________________ Mifos-functional mailing list Mifos-functional@lists.sourceforge.net https://lists.sourceforge.net/lists/listinfo/mifos-functional
