Miguel, There is a configuration setting in Mifos to set the number of interest bearing days to 360 or 365. Depending on how you set that configuration, it should change how this feature calculates the interest.
Ryan On 11/30/10 10:21 PM, "Miguel Jóia Santos" <[email protected]> wrote: > > 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-calculat > ions-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 > > > > > ------------------------------------------------------------------------------ > Increase Visibility of Your 3D Game App & Earn a Chance To Win $500! > Tap into the largest installed PC base & get more eyes on your game by > optimizing for Intel(R) Graphics Technology. Get started today with the > Intel(R) Software Partner Program. Five $500 cash prizes are up for grabs. > http://p.sf.net/sfu/intelisp-dev2dev > > _______________________________________________ > Mifos-users mailing list > [email protected] > https://lists.sourceforge.net/lists/listinfo/mifos-users -- Ryan Whitney Mifos Technical Program Manager [email protected] Mifos® - Technology that Empowers Microfinance (www.mifos.org) Our mission is to enable the poor, especially the poorest, to create a world without poverty. <http://grameenfoundation.org/take-action/ingenuity-fund-challenge/> P please consider the environment before printing this e-mail.
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