Hi all,
We have a couple of questions on savings.
1. What is the formula for computing interest when "Average Daily
Balance" is chosen as "Balance used for Interest Rate calculation"?
2. What "balance" is used for "Minimum balance required for
interest calculation"? Average or Ending balance?
E.g., given:
Time period for interest rate calculation = Monthly
Minimum balance required for interest calculation = 500
Interest rate = 5%
And below are my weekly balances:
Jan 09 = 550
Jan 16 = 650
Jan 23 = 550
Jan 30 = 450
On Jan 31:
A. Would Mifos calculate an interest or not?
B. If it does, what would be the interest?
BTW, I already checked this and did not find an answer:
http://www.mifos.org/knowledge/functional-specs/product-definition#attri
butes-for-savings-product
Thanks,
Marie
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