Hi,
I can see your problem now. In Mifos, there is a annual rate of
interest. I encourage you to study our documentation -
http://mifos.org/book/export/html/187.
If you want to use daily loan and receive interest amount as you said,
you should calculate it according to formulas in documentation.
Regards,
Kasia
On 07.01.2013 09:43, Michael Philip 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-accounts
for 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
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