Why are you doing 6+1? Is there a one month moratorium on payment? Why are you not doing(6+1)/12?
> On 8 Aug 2021, at 14:33, Mnzava Simon <mnzavasimo...@gmail.com> wrote: > > > Loan term is 6 Months Zayyad, interest supposed to be 280,000 and not 260,000 > according to formula (P x (6+1)) / 100. > 6= loan term, 1 = additional of one month. Repayment period is six month > >> On Sun, Aug 8, 2021 at 2:50 PM <zay...@intrasofttechnologies.com> wrote: >> Simon, >> >> >> >> Loan term should be 7 months, right? Or what do you mean by 6+1? >> >> >> >> Your formula dictates that interest is 1% per month (12% per year) and that >> is why you are getting 280,000/= for 7 months. >> >> >> >> Please note than interest is calculated as P X R X T which in your case >> should be 4,000,000 x 13% x 7/12 = 303,333/=. >> >> >> >> If you work with 6 months then the calculation should be like this 4,000,000 >> x 13% x 6/12 which comes to 260,000/=. >> >> >> >> From your settings, change Amortization to Equal installment instead of >> Equal Principal Payments. Also change decimal places to 0. >> >> >> >> See this repayment schedule: >> >> <image002.png> >> >> >> >> Regards; >> >> ******* >> >> Zayyad A. Said | Chairman & C.E.O >> >> Cell No.: +254 716 615274 | Skype: zsaid2011 >> >> Email: zay...@intrasofttechnologies.com >> >> Schedule Meetings: https://calendly.com/zayyadsaid >> >> <image001.png> >> >> >> >> From: Mnzava Simon <mnzavasimo...@gmail.com> >> Sent: Sunday, August 8, 2021 12:36 PM >> To: A good place to start for users or folks new to Mifos. >> <mifos-users@lists.sourceforge.net> >> Subject: Re: [Mifos-users] Interest calculation >> >> >> >> Thank you Zayyad for replying. >> >> >> >> Hope you are doing well Guys!. >> >> I am configuring a loan product in Mifos 21 but I fail somewhere finding >> that the interest calculation is not the same as we expected. >> >> for example, Our calculation is, Principle = 4,000,000 Interest per 6 month >> = 6.5%. >> >> The formula is 4,000,000 x (6+1) / 100. According to the formula the >> interest per six month will be 280,000. >> >> 6 = loan term >> >> 1 = addition of one month >> >> 4,000,000 = Principal >> >> >> >> What I can do to have such a result. Please help is so important. >> >> See attachment of loan configuration. >> >> >> >> Regards >> >> Simon mzava. >> >> >> >> _______________________________________________ >> Mifos-users mailing list >> Mifos-users@lists.sourceforge.net >> https://lists.sourceforge.net/lists/listinfo/mifos-users > _______________________________________________ > Mifos-users mailing list > Mifos-users@lists.sourceforge.net > https://lists.sourceforge.net/lists/listinfo/mifos-users
_______________________________________________ Mifos-users mailing list Mifos-users@lists.sourceforge.net https://lists.sourceforge.net/lists/listinfo/mifos-users
