FINERACT-2062: Use 48 weeks in a year when interest rate is per month #3795
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Please kindly see the discussion under the JIRA story: https://issues.apache.org/jira/browse/FINERACT-2062 Also please make sure you are following the proper commit message requirements: |
wkigenyi
changed the title
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Thanks for the guidance @adamsaghy. I am following the conversation jira. |
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| Integer paymentPeriodsInOneYear = 0; | ||
| switch (repaymentFrequencyType) { | ||
| case DAYS: | ||
| paymentPeriodsInOneYear = 365; | ||
| paymentPeriodsInOneYear = interestRateFrequencyMethod.isMonthly() ? Integer.valueOf(360) : Integer.valueOf(365); |
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This looks weird to me. If why would it be 360 if it is monthly?
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With monthly interest interest and daily repayments, it looks more reasonable to assume that there are exactly 360 days, a number divisible by the 12 months in the year brings our more explainable installments.
| break; | ||
| case WEEKS: | ||
| paymentPeriodsInOneYear = 52; | ||
| paymentPeriodsInOneYear = interestRateFrequencyMethod.isMonthly() ? Integer.valueOf(48) : Integer.valueOf(52); |
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This looks weird to me. If why would it be 48 if it is monthly?
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If the interest frequency is monthly, it looks more reasonable to assume there are four weeks in a month, so with 4 weeks in a month and 12 months in a year we shall have 4 x 12 = 48 weeks in a year.
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I dont think thats right... monthly interest calculation cannot be 4 weeks... @bharathc27 Thoughts?
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