I'm still working out why the "payment" on the listing summery does not correlate to amount borrowed or % in interest?
If assume you are paying off the interest each week/day/month and a part of the amount owed. So if you had a loan at 5% each month, for 12 months, you would pay 5% and 1/12 of the balance. I will do math and see. Also, try posting in the btcjam thread. https://bitcointalksearch.org/topic/ann-btcjam-peer-to-peer-bitcoin-lending-112447OK sorry, I found it now.
I'm still working out why the "payment" on the listing summery does not correlate to amount borrowed or % in interest?
You can play with the payment calculator at the new loan listing page.
The payments are calculated as described here:
http://en.wikipedia.org/wiki/Fixed-rate_mortgage#Pricing
Cool, I understand how that works, Neat!
