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http://mifosforge.jira.com/browse/MIFOS-5590?page=com.atlassian.jira.plugin.system.issuetabpanels:all-tabpanel
]
Ed Cable updated MIFOS-5590:
----------------------------
Fix Version/s: Release J
Labels: Mifos2.0gap (was: )
Per our roadmap planning discussions, we have flagged this as improvement to
target in the current Mifos codebase. Chetan - you had noted that other MFIs
required this calculation - could you note in the comments where else you've
seen this requirement requested.
> 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
> Labels: Mifos2.0gap
> Fix For: Release J
>
> 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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