Quote from: mjc on December 07, 2012, 01:31:14 PM

The interest is based off the balance left.

So if they take out a 10 BTC Loan at 10% with payments every 7 days for 28 days.

they'll make four payments. the interest on the first payment is 10% of the principle. the interest of payment two is 10% of the principle left at payment twos time. and so on.

I took a 1 BTC loan, to build reputation, paid 10% per day for 7 days and ended up paying something like 1.48 BTC back. I found out the hard way how the interest was compounded.

I like the place none the less. I like loaning there. if you have a rating of 6 or higher, I"ll consider loaning to you. If you are tied to the bitcoin-otc and or this forum I'll consider.

Hmm, interesting. And yeah, that's why I'm trying to get a formula for it. I'm not looking to borrow, I'm only doing investing there and I like knowing exactly how much I'll get back. But thank you for the offer.