Hi Srinivasa,
I've just checked your scenario and it seems that the reason why your
calculations are different from those in Mifos is that Mifos at first
calculates numbers without rounding.
So, Mifos creates repayment schedule from the numbers without
rounding. Total (EMI) is also not rounded. In your case schedule looks
like this:
*Installments* *Principal* *Interest* *Total*
1 274,9379298687940 128,5545205479450 403,4924504167400
2 277,8833060150220 125,6091444017180 403,4924504167400
3 280,8602356127750 122,6322148039650 403,4924504167400
4 283,8690566902900 119,6233937264490 403,4924504167400
5 286,9101108970580 116,5823395196810 403,4924504167400
6 289,9837435426190 113,5087068741210 403,4924504167400
7 293,0903036357710 110,4021467809690 403,4924504167400
8 296,2301439242000 107,2623064925400 403,4924504167400
9 299,4036209345350 104,0888294822040 403,4924504167400
10 302,6110950128310 100,8813554039080 403,4924504167400
11 305,8529303654870 97,6395200512527 403,4924504167400
12 309,1294951005970 94,3629553161428 403,4924504167400
13 312,4411612697540 91,0512891469857 403,4924504167400
14 315,7883049102930 87,7041455064460 403,4924504167400
15 322,2123602947610 84,3211443287467 403,4924504167400
16 322,6231273790190 80,8693230377205 403,4924504167400
17 326,0793491671760 77,4131012495631 403,4924504167400
Then, Mifos takes those numbers and rounds them according to the
specified rules and calculates Principal (Total - Interest):
*Installments* *Principal* *Interest* *Total*
1 274,4 128,6 403
2 277,4 125,6 403
3 280,4 122,6 403
4 283,4 119,6 403
5 286,4 116,6 403
6 289,5 113,5 403
7 292,6 110,4 403
8 295,7 107,3 403
9 298,9 104,1 403
10 302,1 100,9 403
11 305,4 97,6 403
12 308,6 94,4 403
13 311,9 91,1 403
14 315,3 87,7 403
15 318,7 84,3 403
16 322,1 80,9 403
17 325,6 77,4 403
The reason why installments: 11, 14, 15, 16, 17 in your excelsheet are
different from those in Mifos is that you are using rounded EMI in
your calculations (403.00 instead of 403.4924504167400).
Moreover, total for the last installment is calculated in the
following way:
sum of all totals without rounding - sum of all rounded totals
(without the last installment)
So if you are using rounded total (EMI) then it is not possible to
properly calculate total for the last installment.
If you need more information about rounding and calculating numbers in
Mifos, go to this page:
http://mifos.org/functional-specifications/system-processing/rounding-rules-loan-payment-schedules
Best Regards,
Lukasz
W dniu 20.12.2011 08:09, srinivasa Rao Yedida pisze:
Hi!
Help needed about Interest Calculations. (Interest rate type:
Declining Balance) Loan Schedule calculated as per formula and
taken Mifos Generated Schedule. Compared both schedules. Mifos
generated Sch showing differences.
Created Example Detailed Excel Notes enclosed
Thanks
Srinivasa Rao Yedida
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Write once. Port to many.
Get the SDK and tools to simplify cross-platform app development. Create
new or port existing apps to sell to consumers worldwide. Explore the
Intel AppUpSM program developer opportunity. appdeveloper.intel.com/join
http://p.sf.net/sfu/intel-appdev
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