Hope you are well.
We have come across a Mifos issue which I hope you can assist with.
Problem: When creating a loan for 60 equal instalments on Loan Type - CLRC, MIFOS returns random number of instalments depending on the “Nominal interest rate” we provide.
With “Nominal interest rate” being 0, we do receive 60 equal instalments. Please look at the test case below.
On the demo website, I have created a Loan Type and Client to demonstrate your problem. Please see below for details.
Client: CLRC CLRC
Loan Product: CLRC
Created Loan: 2874, 2875 and 2876
Loan term: 60
Number of repayments: 60
Repaid every: 1
First repayment on: 29 June 2018
Interest charged from: 22 June 2018
Nominal interest rate: 27.75 Per year
On the above test case, MIFOS only returns 59 instalments. Now the question is, what happened to the 60th instalment?
Thanks so much,
A division of Altron TMT (Pty) Ltd with our B-BBEE rating as a level four
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