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Issue in Interest capitalization

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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

 

DateBase AmtInterest Amt
15.10.201210,000.0046.00
30.10.201210,046.0050.00

15.11.2012  

10,096.0050.00

30.11.2012 

10,146.0050.00

15.12.2012

10,196.0050.00

30.12.2012  

10,246.0051.00

 

 

But our requirement is as below

 

DateBase AmtInterest Amt
15.10.201210,000.0046.00
30.10.201210,046.0050.00

15.11.2012  

10,000.0046.00

30.11.2012 

10,046.0050.00

15.12.2012

10,000.0046.00

30.12.2012  

10,046.0050.00

 

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


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