Hi Michael,
*Interest (5.5)* is actually interest collected for that installment and
it is *not* per annul interest rate
And interest amount is calculated as i = P * r * t
i => interest amount
P = Principal amouunt
r = Annual percentage rate
t => duration of loan in *year (in your case it is 10 days => 10/360 years)*
i = 20000 * (10/100) * (10/360) = *55* units, that is same as what Mifos
is calculating
Thanks
Nayan Ambali
On Mon, Jan 7, 2013 at 2:13 PM, Michael Philip <[email protected]> wrote:
> Hi Kisia,
>
> thanks for your reply and sorry for my trouble :)
>
> this is what I expect
> loan principal is 20,000
> Interest Rate is 10%
> Total repaid amount should be 22,000 (10% of 20,000 is 2,000, therefore
> principle + interest should be 22,000).
>
> The first screen shot shows
> In the installments,
> principle shown is 1,999.5
> interest *5.5%* instead of 10%
> total repaid amount comes to 20,055 instead of 22,00
>
> same for all the other screen shots. the interest, of 10%, is not
> correclty reflected.
>
> (simply put, I want 10% interest shown instead of the 5.5% (screen shot 1))
>
>
> Thanks for corresponding Kisia
> Regards
>
>
> On Monday, 7 January 2013 10:56:47 UTC+3, Kasia Piecielska wrote:
>
>> Hi Michael,
>>
>> I have seen your screen shots. Could you please, tell where is the
>> problem? It is not clear from information you sent me. Which repayment
>> amounts are still not correct?
>>
>> Regards,
>> Kasia
>>
>> On 06.01.2013 06:29, Michael Philip wrote:
>>
>> Screen shots attached.
>>
>> On Saturday, 5 January 2013 17:26:42 UTC+3, Michael Philip wrote:
>>>
>>> Hi Kisia,
>>>
>>> Had about an hour on MIFOS today,
>>>
>>> Thanks, LSIM worked fine, I can now create loan accounts that have a
>>> daily repayment schedule.
>>> . . . the repayment amounts are still not correct; see the attached
>>> file.
>>>
>>> is there any way around this or is there something I am missing?
>>>
>>> Regards
>>>
>>> On Thursday, 3 January 2013 17:06:37 UTC+3, Kasia Piecielska wrote:
>>>>
>>>> Hi Michael,
>>>>
>>>> About you first problem - I already wrote you about turning LSIM on in
>>>> database. This option allows you to operate on accounts in any moment and
>>>> makes accounts independent from schedules. When LSIM is on, you will be
>>>> able e.g to create weekly loan account for client with monthly frequency
>>>> meetings.
>>>>
>>>> Second problem - Algorithm implemented in Mifos is inaccurate for small
>>>> amounts. If principal is higher (e.g. 1000) and number of installments is
>>>> e.g. 10 everything works fine.
>>>>
>>>> Best regards,
>>>> Kasia
>>>>
>>>> On 03.01.2013 13:27, Michael Philip wrote:
>>>>
>>>> Hi all,
>>>>
>>>> I am still new to MIFOS, probably what I am going to describe is not a
>>>> bug but my ignorance
>>>> (v2.6.0)
>>>>
>>>>
>>>> 1. When creating loan accounts for clients, loan products that have
>>>> a daily or monthly frequency do not show on the drop down list.
>>>> 2. The total repayment calculation does not give the expected
>>>> figures. e.g, using the example in
>>>>
>>>> http://mifos.org/functional-specifications/system-processing/interest-calculations-loan-accountsfor
>>>> flat rates
>>>> Principal is 100, interest 3% number of installments 4
>>>> I get for each number of installments, the principal 24.9 and
>>>> interest 0.1
>>>>
>>>> Is there something I am missing in both cases?
>>>>
>>>> More details in the attached document
>>>>
>>>> Regards
>>>>
>>>>
>>>> ------------------------------------------------------------------------------
>>>> Master Visual Studio, SharePoint, SQL, ASP.NET, C# 2012, HTML5, CSS,
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>>>>
>>>>
>>>> _______________________________________________
>>>> Mifos-users mailing
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>>>>
>>>>
>>>> --
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>>>>
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>>>> Facebook: www.facebook.com/MifCloud
>>>> Twitter: www.twitter.com/mif_cloud
>>>>
>>>> Phone: (+48) 58 782 45 40
>>>> Fax: (+48) 58 782 45 41
>>>> Email: [email protected]
>>>>
>>>>
>> --
>> MifCloud support
>>
>> Website: www.mifcloud.com
>> Facebook: www.facebook.com/MifCloud
>> Twitter: www.twitter.com/mif_cloud
>>
>> Phone: (+48) 58 782 45 40
>> Fax: (+48) 58 782 45 41
>>
>> Email: [email protected]
>>
>>
>
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--
Regards
Nayan G. A.
9901154134
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