Thomas, Rather than try to deal with workarounds, it would be better if we implemented exactly what you require. I think jakub/soldevho recently put in support for 'flat' interest method (might be wrong) but i guess the problem is that when first calculating the loan schedule (monthly or weekly periods are used as way of calculating whats owed) but when recalculating, when days are used the figure will have some differences depending on the months involved.
Keith. On Fri, Feb 24, 2012 at 3:21 PM, Thomas (Uganda) <[email protected]> wrote: > Thanx Keith > Any work around? Possibly add the balance as a misc fee, so as to > bring the figure to that of flat interest calculation?? > Let me know what you think > > Tx > > > On Feb 24, 5:33 pm, Keith Woodlock <[email protected]> wrote: >> 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. 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