@asu,
I went through your previous loan history, and I realized you qualify for my Loyalty Rates since you've already paid 0.005 BTC in interest on your previous loans. I've adjusted your amount due to 0.1105, and updated the
table in post 2.
Your scheduled payments are as follows:
Payment 1: 0.057
Payment 2: 0.0535
@theyoungmillionaire,
Your loan has also been adjusted per my suggestion in PM, and I'm sorry the discrepancy in your proposal didn't occur to me sooner.
Your scheduled payments are as follows:
Payment 1: 0.096
Payment 2: 0.09075
Payment 3: 0.0855
Payment 4: 0.08025
Total repayment amount of 0.3525
Alternately, if you prefer to have 4 equal payments of 0.088568, we can use the formula for loan payment calculations used by most banks:
(L*R)/(1-((1+R)^-P))
Where:
L= Loan amount (0.3)
R= Interest rate (0.07)
P= Quantity of payments (4)
Note that this second option causes you to pay a little more in interest. Because part of the interest of the first two months is amortized into the payments of the last two months you are effectively paying interest on some of the interest incurred during the first two months. Total repayment amount would be 0.354274, 0.001774 more than the first option. I'll leave the choice up to you.