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Repay

You can repay your loan in the asset you borrowed or in DFY. For example, if you borrow 1,000 USDT, you will have to repay 1,000 USDT (the principle debt) plus accrual interest (in USDT or DFY depending on Lender's policy)

Yes. You can definitely repay the full loan ahead of schedule. Firstly, you have to complete all the unpaid penalty and interest amount. Interest is calculated until the month/week you decide to repay (based on the duration you selected as Months or Weeks)

Parameters

Description

In

The interest of current period

Interest rate per period

The interest you see is X% / year. If the interest rate =10%, it means:

- When the duration is week, interest/week = Loan * (10/100) * (7/365)
- When the duration is month, interest /month = Loan * (10/100) * (30/365)

Loan

Unpaid principal debt till current period

n

Current period

The interest is calculated every week/month. Starting from the contract start date with the duration/period definitions: 1 week = 7 days, 1 month = 30 days, and 1 year = 365 days.

- To the loan duration = week, you have 2 first days of every week to pay
- To the loan duration = month, you have 7 first days of every month to pay

If you don't pay enough the interest amount on time, the system will report as +1 late payment and requires you to pay extra penalty for the unpaid interest amount (A new period is created automatically for this penalty repayment)

If you don't pay enough the interest amount on time, the system will report as +1 late payment and requires you to pay extra penalty for the unpaid interest amount applied the following formula (A new period is created automatically for this penalty repayment)

Parameters

Description

Parameters

Description

n

Current period

n-1

Previous period

Pn

Penalty of current period

Pn-1

Penalty of previous period

Interest rate per period

- When the duration is week, interest/week = Loan * (10/100) * (7/365)
- When the duration is month, interest /month = Loan * (10/100) * (30/365)

Ln-1

Unpaid interest of previous period

Penalty rate

150%

- To the loan duration = week, you have 2 first days of every week to pay the interest, this means you can pay for the penalty from the 3rd day till 7th day of the week period based on the contract start date.
- To the loan duration = month, you have 7 first days of every month to pay the interest, this means you can pay for the penalty from the 8th day till 30th day of the month period based on the contract start date.

If you don't pay enough the interest amount on time, the system will report as +1 late payment and requires you to pay extra penalty for the unpaid interest amount.

If you don't pay enough the interest amount on time, the system will report as +1 late payment and requires you to pay extra penalty for the unpaid interest amount.

Applied the formula in question 3,

- If penalty is a separated period which has been created: Pn-1 and Ln-1 is as normal.
- If penalty is at the same period as interest's: Pn-1 is as normal, Ln-1 = 0

E.g. Interest = 10%, Duration = 3 weeks. Unpaid Interest period 1 = 0.15342DFY

- Penalty period 2 (newly created) = 0 + 0 * (10/100) * (7/365) + 0.15342 * (150/100) =2.23013DFY
- Penalty period 3 (same period as interest's) = 2.23013 + 2.23013 * (10/100) * (7/365) + 0 * (150/100) = 0.23057DFY

Period

Unpaid Penalty

Total unpaid penalty (Amount might vary due to exchange rate)

Unpaid interest

Total unpaid interest (Amount might vary due to exchange rate)

1

0

0

0

= Loan * (Interest rate per period)

= Loan * (100/100) * (7/365) = 1.53425 DFY

2

(Added this period due to unpaid interest)

0

= Pn-1 + Pn-1 * (Interest rate per period) + Ln-1 * (Penalty)

= 0 + 0 * (100/100) * (7/365) + 1.53425 * (150/100)

= 2.30138

0

0

3

0

= Pn-1 + Pn-1 * (Interest per period) + Ln-1 * (Penalty)

= 2.30138 + 2.30138 * (100/100) * (7/365) + 0* (150/100)

= 2.34552

0

= Loan * (Interest rate per period)

= Loan * (100/100) * (7/365) = 1.2274 DFY

Step1: Connect wallet and click on [**My Account**]

Step2: click on [**Borrow profile**] - [**Contract**] and select an active contract you desire to pay

In step 2, here you can view the contract details after selecting a contract.

Contract details

Current LTV information. You can also learn more about LTV and LTV liquidation threshold in LTV & LTV liquidation threshold

Repayment information

Step 3: Click on [**Repayment**]

You can enter a desired number in Amount box or simply select Max to pay total Penalty, Interest, or Loan.

In step 3, after you complete the repayment for Penalty, Interest, or Loan on wallet extension or D-app, the total loan will be updated in Repayment History section.

Last modified 1yr ago

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