Interest Calculation based on No. of days in a month
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Key: MIFOS-5590
URL: http://mifosforge.jira.com/browse/MIFOS-5590
Project: mifos
Issue Type: New Feature
Components: Clients
Affects Versions: 2.3.2
Reporter: hugotechnologies
Priority: Critical
Fix For: Margaret H
One of the predominantly used interest calculation is Daily. Some of the MFI
derive interest per day by calculating the yearly interest rate to Principle
amount. Here is the example
Loan Amount: 100000/-
Interest % : 24%
Interest amount for 1 year: 24000/-
No: of days in a year: 365
Interest amount per day: 24000 / 365 = 65.75
Interest amount for 31 days of a month: 65.75 * 31 = 2038.35
Interest amount for 30 days of a month: 65.75 * 30 = 1972.60
This change was done in mifos.x. Thanks to keith.
Can we accommodate this change in mifos ?
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