I have created a loan with monthly repayments with daily interest calculation. Repayments are taken on the first Monday of the month.
This results in a short first period. I was expecting the interest for this first period to be calculated as principal * (annual rate / 365) * number of days. However, the interest for the first period seems to be for the whole month (actually 28 days). What am I doing wrong? The loan can be viewed here :- https://staging.openmf.org/#/viewloanaccount/131 Schedule screenshot here :- [image: image.png] Best regards, Guy
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