diff --git a/mifosng-provider/src/main/java/org/mifosplatform/portfolio/loanaccount/loanschedule/domain/LoanApplicationTerms.java b/mifosng-provider/src/main/java/org/mifosplatform/portfolio/loanaccount/loanschedule/domain/LoanApplicationTerms.java
index 008e70ddc..4dd8cca6c 100644
--- a/mifosng-provider/src/main/java/org/mifosplatform/portfolio/loanaccount/loanschedule/domain/LoanApplicationTerms.java
+++ b/mifosng-provider/src/main/java/org/mifosplatform/portfolio/loanaccount/loanschedule/domain/LoanApplicationTerms.java
@@ -542,7 +542,7 @@ public final class LoanApplicationTerms {
         switch (this.interestCalculationPeriodMethod) {
             case DAILY:
                 final BigDecimal dailyInterestRate = this.annualNominalInterestRate.divide(BigDecimal.valueOf(Long.valueOf(365)), mc)
-                        .divide(BigDecimal.valueOf(Double.valueOf("100.0")), mc).multiply(BigDecimal.valueOf(this.repaymentEvery));
+                        .divide(BigDecimal.valueOf(Double.valueOf("100.0")), mc);
 
                 final BigDecimal equivalentInterestRateForPeriod = dailyInterestRate
                         .multiply(BigDecimal.valueOf(Long.valueOf(daysInPeriod)));