Hello,
I am trying to set up a configuration in which the client is charged a
commission fee, which is payable in installments along with the loan
repayment.
In this example, the fee is 7.5% of the loan amount. The loan is payable on
a weekly basis.
I originally tried to set it up in Mifos to pay 7.5% of the loan amount on a
weekly basis; this however charges 7.5% of the original loan amount *each
week*, instead of dividing it amongst the repayment periods.
How do I divide this fee between each repayment period? It is key to note
here that the term of the possible loan cannot be determined / preset
beforehand--for example, if loans had to be repaid weekly over preset
periods for 1 year (52 weeks), 1 month (4 weeks) etc., I could set a fee for
each potential loan term and divide the percentage appropriately. However,
my organisation does not use standard loan terms--they could have a
repayment schedule over 7 weeks, for example. As such, the fee needs to be
divided amongst a periodic repayment schedule, of which the number of
periods is variable.
Thanks
Milan
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