Re: [Mifos-users] Issue with interest calculated.

[Ryan W. <rwh...@gr...>]

On 4/19/10 8:05, "Ryan Whitney" <rwh...@gr...> wrote:

> Pooja's correct, but I believe that calculation is off, it should be
> somewhere around 15%, not 23%
> 
> It also depends on whether you are using 360 or 365 days in Mifos (you can
> easily tell by looking at the organizational settings)
> 
> (Interest Amount * Period of Interest (360/365)) / (Principal Amount * 50 *
> 7)

Sorry, to clarify in my formula above.  The 360/365 part means you put in
whatever you have Mifos set to, not to divide 360 by 365.  Doh, bad notation
from me.

Ryan
-- 
Ryan Whitney  
Mifos Technical Program Manager
rwh...@gr...
Mifos - Technology that Empowers Microfinance (www.mifos.org)
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