Calculation of Interest on loan

Functionality discussions and feature requests

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gdkobla
Posts: 26
Joined: Mon Feb 27, 2012 10:10 am

Calculation of Interest on loan

Post by gdkobla »

I would to seek further explanation on how the interest on loans is calculated. And if its possible to show me how I can change this.
In my organisation, the interest is always a percentage of a fixed principal for the period of repayment, ie if I take a loan of $200 at an interest rate of 10% per month for a period of 12 months, I pay back ((10% of $200)*12) +200 at the end of the period. We have deployed cyclos already and we urgently need to correct this.Where is the exact java code that I can work on to effect this change. thanks in advance

gdkobla
Posts: 26
Joined: Mon Feb 27, 2012 10:10 am

Re: Calculation of Interest on loan

Post by gdkobla »

Any help on the above request please.

nana
Posts: 29
Joined: Sat Jul 14, 2012 4:04 am

Re: Calculation of Interest on loan

Post by nana »

hello,

i also need help with the loans part of cyclos. I want to do the following:

Give a loan of 1000 with an interest of 50% for 6months. That gives me 500 as the interest value. I add this to the 1000 granted to give the 1,500. This value is then divided in 6 equal installments to get a repayment figure of 250 a month. How do i go about setting this up in cyclos. I have created a loan with an interest of 50% but when i grant the loan the installment figure is 548. any help is greatly appreciated.

Is there a way to also add custom fields to the repayment window?

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