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http://mifosforge.jira.com/browse/MIFOS-5590?page=com.atlassian.jira.plugin.system.issuetabpanels:comment-tabpanel&focusedCommentId=72355#comment-72355
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Lukasz Chudy commented on MIFOS-5590:
-------------------------------------
What do you mean by "define the repayment installment manually"?
When you are creating a new Loan with Declining Balance and Variable
Installments then initial repayment schedule is the same as in normal Declining
balance, so you don't have to set up dates manually (the only difference is
that you have possibility to change the initial dates).
> 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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