Thomas,
To be clear that FLAT rates will never be equal to Declining balance, they
are calculated completely differently - a quick search online should help
clarify that.
But I would agree, that Declining Balance with interest recalculation
should be nearly equivalent to Declining Balance - Although I think there
may have been some issues getting that done when the Interest Recalculation
feature was being built due to some serious differences in the
calculations. Maybe a dev or Kay could comment on that more?
Ryan
On Mon, Feb 27, 2012 at 10:18 PM, Thomas (Uganda) <[email protected]> wrote:
> Hello Keith,
> It would be nice if total interest due for the whole loan adds up to
> effectively bring the total installments due for the whole loan
> similar to that of Flat or Declining Balance.
> Or if Declining Balance with interest recalculation can be calculated
> Monthly instead of Daily.
>
> I have been reading on EFFECTIVE RATES, dont know if this can help me
> get a way to calculate the annual effective rate of 10% Per Month?
>
> On Feb 27, 1:27 am, Keith Woodlock <[email protected]> wrote:
> > Thomas,
> >
> > you would expect the total interest due for first installment of the
> > loan whether its flat or declining to be the same. However mifos
> > 'produces equal installments by default' and so the total installment
> > due might well be off due to this. are you talking about the total
> > installment due or the total interest due?
> >
> > Keith.
> >
> >
> >
> > On Thu, Feb 23, 2012 at 12:26 PM, Thomas (Uganda) <[email protected]>
> wrote:
> > > Hello, just need some clarification when using declining balance with
> > > interest recalculation in mifos
> >
> > > Scenario 1: When i use Flat interest rate of 120 per annum , Loan
> > > Amount: 2,000,000 and 1 installment = Expected payback is 2,200,000
> >
> > > Scenario 2 When i use Declining Balance with Interest Recalculation,
> > > Interest rate of 120 per annum , Loan Amount: 2,000,000 and 1
> > > installment = Expected payback is 2,151,232.9
> >
> > > Am curious how the difference comes about, my assumption would be that
> > > the payback installment would be 2,200,000 for both. Because i would
> > > like use Declining Balance - Interest Recalculation method n have the
> > > payback amount as 2,200,000.
> >
> > > Tx
> >
> > >
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