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Change By:
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keithwoodlock
(08/May/13 4:13 PM)
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Description:
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Musoni create loan schedules that have installments that use grace on both principal and interest e.g. Its typical to have a loan with a repayment schedule where the first two installments have zero for the principal and interest components.
The approach take is to support grace in the following way:
1. Grace on Principal Payment:
Ability to apply grace on the principal portion of a loans installment for x no. of installments.
- so entering a value 1 would mean that principal portion of a loans first installment does not have to be paid, pushing it off until later installments, 2 would mean first two installments had grace etc
2. Grace on Interest Payment:
Ability to apply grace on the interest portion of a loans installment for x no. of installments. Note: Interest is still calculated, just not repaid.
3. Grace on Interest been Charged:
Ability to make a loans installment interest-free for x no. of installments. So interest is neither calculated or charged for periods indicated.
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