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http://mifosforge.jira.com/browse/MIFOS-5590?page=com.atlassian.jira.plugin.system.issuetabpanels:comment-tabpanel&focusedCommentId=72352#comment-72352
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Lukasz Chudy commented on MIFOS-5590:
-------------------------------------
Maybe you can use Loans with Declining Balance and Variable Installments?
In Declining Balance with Variable Installments products, the daily rate of
interest is used whereas in typical declining balance, the interest is
calculated based on the frequency of the loan (monthly or weekly).
> Interest Calculation based on No. of days in a month
> ----------------------------------------------------
>
> 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
>
> Attachments: InterestCalculation_DailyDeclining.xlsx
>
>
> 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 ?
> Please find attached document for examples.
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