Hi Glen,
According to my calculation, the total interest for a 40,000 loan at 3.5%
interest per annum on declining balance repaid weekly over 72 weeks should be
higher than 350.
Could you send your calculations in an Excel sheet and the screen shot of what
you are seeing in Mifos?
Thanks
Binny
From: Glen Etienne [mailto:gletie...@gmail.com]
Sent: 24 February 2014 22:58
To: mifosus...@googlegroups.com
Cc: A good place to start for users or folks new to Mifos.
Subject: Re: [Mifos-users] payment schedule came out with wrong interest
calculation
On Monday, February 24, 2014 11:09:14 AM UTC-5, Glen Etienne wrote:
I set up a loan for 40, 000.00 with an interest of 3.5 72 installments 1
payment per week. We were expecting the interest to be 350 but we got 323.08.
Would you happen to know what went wrong?
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