Thomas, You are correct. Interest Recalculation is done based on 'days'. As such you will see some differences between monthly calculated figures.
Keith. On Fri, Feb 24, 2012 at 2:01 PM, Thomas (Uganda) <[email protected]> wrote: > Hi, thanx for the reply. > The Interest rate is 10% per month (120% per annum), > Loan Product is setup for Monthly Repaymnt is Monthly. > > My feeling is that mifos's Declining Balance- Interest Recalculation > is calculating, Interest PER DAY and not PER MONTH hence the variance > in figures from that of Flat interest rate type. > Could there be a work around or any pointers on setting i could be > doing wrong > > Below r the Loans Setting, Sorry for the messy attachment. > > Tx in advance > > ************************************************************************************************************************************ > MPL LOAN PRODUCT Edit Loan product information. > Active > Loan product details. > Product instance name: Member Of Parliament > Short name: MPL > > Description > Loan for Members of Parliament > > Product category: Other > Start date: 01/01/2005 > End date: > Applicable for: Clients > Include in Loan cycle counter: No > Can waive interest on repay loan: Yes > Calculate Loan Amount as: Same for all loans > Min loan amount Max loan amount Default amount > 0.0 100000000.0 0.0 > Associated Question Groups : > > Interest rate > Interest rate type: Declining Balance-Interest Recalculation > Max Interest rate: 999.0 % > Min Interest rate: 0.0 % > Default Interest rate: 120.0 % > Repayment schedule > Can configure variable installments: No > Compare with Cash Flow: No > Frequency of installments: 1 month(s) > Calculate # of Installments as: Same for all Loans > Min # of installments Max # of installments Default # of > installments > 1 100 1 > > Grace period type: None > Grace period duration: 0 installments > Fees > > ************************************************************************************************************************************ > > > On Feb 24, 12:27 pm, Intrasoft Technologies <[email protected]> > wrote: >> Hello Thomas; >> >> Is the interest rate 10% or 120%, you have indicated 120 in your email but >> just when you calculate the percentage simply to get repayment of >> 2,200,000/= from a loan of 2,000,000 the rate is 10. Declining balance will >> be different from Flat if there are more than one installment which is not >> your case here. >> >> I have a feeling the mismatch comes with the product setup, what is the >> frequency of installment set in the product? >> >> Is it possible you share snapshot of product information? >> >> Regards; >> >> -- >> ****** >> *INTRASOFT TECHNOLOGIES | B8, KIGLESS HSE MOI AVENUE >> **P.O. BOX 82298 - 80100 Mombasa Kenya. >> Tel:+254 20 267 0011/ Cell:+254 734 138478 >> Email: **[email protected]* <[email protected]> >> >> ------------------------------------------------------------------------------ >> Virtualization & Cloud Management Using Capacity Planning >> Cloud computing makes use of virtualization - but cloud computing >> also focuses on allowing computing to be delivered as a >> service.http://www.accelacomm.com/jaw/sfnl/114/51521223/ >> >> _______________________________________________ >> Mifos-users mailing list >> [email protected]https://lists.sourceforge.net/lists/listinfo/mifos-users > > ------------------------------------------------------------------------------ > Virtualization & Cloud Management Using Capacity Planning > Cloud computing makes use of virtualization - but cloud computing > also focuses on allowing computing to be delivered as a service. > http://www.accelacomm.com/jaw/sfnl/114/51521223/ > _______________________________________________ > Mifos-users mailing list > [email protected] > https://lists.sourceforge.net/lists/listinfo/mifos-users ------------------------------------------------------------------------------ Virtualization & Cloud Management Using Capacity Planning Cloud computing makes use of virtualization - but cloud computing also focuses on allowing computing to be delivered as a service. http://www.accelacomm.com/jaw/sfnl/114/51521223/ _______________________________________________ Mifos-users mailing list [email protected] https://lists.sourceforge.net/lists/listinfo/mifos-users
