Hi Team,
We have an issue with the Interest capitalization for a loan.
We have taken a loan for 3 month in which the interest has to be capitalize for twice in a month i.e. 15th & 30th of every month
For example
Loan Amt : 10000
Int rate : 12%
Start date : 01.10.2012
End date : 30.12.2012
The system is calculating the interest as below based on the base amount
Date | Base Amt | Interest Amt |
---|---|---|
15.10.2012 | 10,000.00 | 46.00 |
30.10.2012 | 10,046.00 | 50.00 |
15.11.2012 | 10,096.00 | 50.00 |
30.11.2012 | 10,146.00 | 50.00 |
15.12.2012 | 10,196.00 | 50.00 |
30.12.2012 | 10,246.00 | 51.00 |
But our requirement is as below
Date | Base Amt | Interest Amt |
---|---|---|
15.10.2012 | 10,000.00 | 46.00 |
30.10.2012 | 10,046.00 | 50.00 |
15.11.2012 | 10,000.00 | 46.00 |
30.11.2012 | 10,046.00 | 50.00 |
15.12.2012 | 10,000.00 | 46.00 |
30.12.2012 | 10,046.00 | 50.00 |
The system has to take the base amount on15th as 10,000. and on 30th as 10,046 (base amt of 15th + Interest amt of 15th)
Please let me know how to get the calculation mentioned above !!!!
Regards,
Venkat