Miguel,
I am pulling this from the MIFOS website here. http://mifos.org/documentation/configuration Have you try changing the property AccountingRules.NumberOfInterestDays to 365 in the applicationConfiguration.custom.properties. Let me know if this works for you. Thanks Chetan From: Miguel Jóia Santos [mailto:[email protected]] Sent: Wednesday, December 01, 2010 11:52 AM To: Mifos User Discussions Subject: Re: [Mifos-users] Interest Calculations for Loan Accounts -Declining Balance Interest (EMI of Principal and Interest) Hi, At MIFOS webpage we see, for interest calculation for loan accounts, equal monthly installment, the base days are 30/360 or 1/12. Can we possibly change it to 30/365? http://mifos.org/functional-specifications/system-processing/interest-calculations-loan-accounts Declining Balance Interest (EMI of Principal and Interest) Declining Balance Definition: Interest is computed at periodic intervals on the amount of the original principal that has not yet been repaid. Since the borrower only pays interest on that amount of original principal that has not yet been repaid, interest paid is smaller every period. However, to make sure that the borrower sets EMI, the formula is: EMI formula: EMI = i*P / [1- (1+i)^-n] Where, P = Loan amount r = Rate of interest per year n = Term of the loan in periods l = Length of a period (fraction of a year, i.e., 1/12 = 1 month (or 30/360), 14/360 = bi-weekly.) i = Interest rate per period (r*l) Regards, Miguel Jóia Santos Consultor/Gerente SBS - Soluções em Banca e Seguros Insurance and Banking Solutions cell: +258 823000231 cell: +258 847141055 telefax: + 258 21302599
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