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Number of Installments not being correct


Hi Ed,

 

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.

 

http://mifos.org/mifos-x/demo/

Username: mifos

Password: password

 

Client: CLRC CLRC

Loan Product: CLRC

Created Loan: 2874, 2875 and 2876

 

Loan Terms

Principal: 100000

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,

 

Kind Regards

Gayle Congdon
Manager – ERP, Accounting & Core Banking Systems

 


+27 71 485 2543
gaylec@xxxxxxxxxxx

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