Re: [Mifos-users] Floating rate issue in mifos

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

Dear Santosh,

I tried to replicate the issue in the demo environment, but now it is
showing a different schedule altogether.
However I feel this is also incorrect.
https://demo.openmf.org/#/viewloanaccount/3150

PFA the link where the entity is created.

Regards
Tina

On Thu, Jan 24, 2019 at 11:56 AM Santosh Math <
sa...@co...> wrote:

> Hi Tina,
> Please share the full loan product configuration.
>
> On Wed, Jan 23, 2019 at 7:36 PM tina elizabeth <ein...@gm...> wrote:
>
>> 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
>>
>>
>>
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>>
>
>
> --
> Thanks & Regards
>
> Santosh Math
>
> *QA Engineer*
>
> *Conflux Technologies Pvt Ltd <http://www.confluxtechnologies.com/>*
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