[Mifos-users] Floating rate issue in mifos

[tina e. <ein...@gm...>]

Dear Users/Ed,

I have posted a query in the morning which was not listed hence sharing
once again.

I am trying to derive amortization schedule for the below loan detail.

Loan amount : 1000
Term 10:
Floating Rate
01/22/19 1.85
02/22/19 3.85


Base Rate
01/22/19 2
02/10/19 5


FIR Differential 2
FIR 1
IR differential 2
The amort schedule that is getting created is as below :


Principal Balance of loan Interest Bill amount
06/01/18


1000
30 07/01/18 97.55 902.45 6.45 104
31 08/01/18 97.96 804.49 6.04 104
31 09/01/18 98.53 705.96 5.47 104
30 10/01/18 99.4 606.56 4.6 104
31 11/01/18 99.96 506.6 4.04 104
30 12/01/18 100.65 405.95 3.35 104
31 01/01/19 101.25 304.7 2.75 104
31 02/01/19 101.84 202.86 2.16 104
28 03/01/19 102.51 100.35 1.49 104
31 04/01/19 100.35 0 1.2 101.55
However as per my calculation the interest amount for the 2nd month is
coming as 6.02 instead of 6.04 because of which my whole schedule is going
wrong.
PFB my amort schedule.

>From Date To Date Days Bill Amount Principal amount Interest amount Principal
outstanding amount






1000
1. Jun. 2018 06/30/18 30 $104.00 $97.55 6.4520547945 $902.45
1. Jul. 2018 07/31/18 31 $104.00 $97.98 $6.02 $804.47
1. Aug. 2018 08/31/18 31 $104.00 $98.64 $5.36 $705.83
1. Sep. 2018 09/30/18 30 $104.00 $99.45 $4.55 $606.39
1. Oct. 2018 10/31/18 31 $104.00 $99.96 $4.04 $506.43
1. Nov. 2018 11/30/18 30 $104.00 $100.73 $3.27 $405.70
1. Dec. 2018 12/31/18 31 $104.00 $101.30 $2.70 $304.40
1. Jan. 2019 01/31/19 31 $104.00 $101.97 $2.03 $202.43
1. Feb. 2019 02/28/19 28 $104.00 $102.39 1.6127847671 $100.04
1. Mar. 2019 03/31/19 31 $101.14 $100.04 $1.09 $0.00

Please help me to calculate the interest rate used in the month of Jul, and
how is 6.04 derived.
Any pointers will be appreciated.

Regards
Tina Liz