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enabledao / enable

Stablecoin loans for borderless peer-to-peer credit
https://www.enable.credit
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Finalize Ines' Loan Parameters and Amortization Table #10

Closed onggunhao closed 5 years ago

onggunhao commented 5 years ago

Mifos Demo: demo.fiter.io User: mifos Pass: password

Sample Loan Parameters

See annotated screenshots below

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Sample Fee Parameters

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Sample Amortization Table

Bear in mind that this amortization table is at a 3% per month interest (i.e. 36% per year), which wreaks havoc on the numbers (you'll see that a $60k loan eventually earns the bank 3 times that amount in interest!) This is the reality facing emerging markets

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Realistic do-up of sample loan:

I used Apache Fineract below, and then go to the following URL demo.fiter.io User: mifos Pass: password

https://demo.fiter.io/#/viewloanaccount/126

Parameters Principal: US$60,000 Interest: 6% per annum (i.e. 0.5% monthly) Grace period on Principal: 24 months Loan Tenor: 144 months (12 years including 2 years of study)

Results Grace period installment (1st 2 years): $295-305 Monthly installment post-graduation: $700 Final repayment tranche: 20 Sept 2030

tspoff commented 5 years ago

Very cool, this helps put things in perspective.

My current line of thinking is that we pre-calculate the amount owed each month and have the terms contract use that. When someone calls expectedRepaidAmount(), it will determine how long it's been and look up the total that should have been repaid at that time.

As the payments are based on months, we’ll just have a double-digit number of entries and the timestamp precision won’t be an issue (Good enough for crowdsales good enough for us)

wimanesti commented 5 years ago

Parameters Principal: US$60,000 Interest: 6% per annum (i.e. 0.5% monthly) Grace period on Principal: 24 months Loan Tenor: 120 months (10 years including 2 years of study)

Results Grace period installment (1st 2 years): $300 Monthly installment post-graduation: $800 Final repayment tranche: 20 Sept 2029

adibas03 commented 5 years ago

@tspoff I think the Repayment system in the contracts already handle this pretty well. The only difference is that we do not pre-calculate the amount, but rather do a spot calculation when the repayment is to be made. The only aspects yet to be accounted for a re interests and low-fees, so in it present state, the contract bills 0% interest and No late fees.

onggunhao commented 5 years ago

Closing this issue as @wimanesti has confirmed loan terms