ESO Community Loan Association

[Mr_Bramboy]

@Horsemen what's the loan for?

financial securities

How are you going to pay me back?

[Dolan]

He's gonna mortgage his meme folder.

[Horsemen]

@Horsemen what's the loan for?

financial securities

How are you going to pay me back?

With money

[XeeleeFlower]

Why not just get a credit card? Many credit cards offer 0% interest for the first year or so.

[Horsemen]

I keep getting rejected

[Amsel_]

Also it’s 3% for the three months, so you get back 13% annualised

I wonder if the financial culture in the U.K. is different from the U.S. Here, you're supposed to presume it's the annual rate unless stated otherwise.

[harcha]

Also it’s 3% for the three months, so you get back 13% annualised

I wonder if the financial culture in the U.K. is different from the U.S. Here, you're supposed to presume it's the annual rate unless stated otherwise.

that seems to be the only sensible approach

[Riotcoke]

@Amsel_ I'm disapointing with you having that picture.

[Amsel_]

@Amsel_ I'm disapointing with you having that picture.

You need to read the lore, bro. ESOC's main appeal is its great worldbuilding. viewtopic.php?f=314&t=17005&start=325

[Mr_Bramboy]

Also it’s 3% for the three months, so you get back 13% annualised

I wonder if the financial culture in the U.K. is different from the U.S. Here, you're supposed to presume it's the annual rate unless stated otherwise.

It's the same in Europe. Horsemen just has his own terms.

[Amsel_]

Also it’s 3% for the three months, so you get back 13% annualised

I wonder if the financial culture in the U.K. is different from the U.S. Here, you're supposed to presume it's the annual rate unless stated otherwise.

It's the same in Europe. Horsemen just has his own terms.

You'd think @fightinfrenchman's influence would be strong enough for ESOC to exclusively use EAR.

https://corporatefinanceinstitute.com/r ... -rate-ear/

[Goodspeed]

My assumption was 3% over the 5000, so he'd pay back 5150 after the 3m.

[Amsel_]

My assumption was 3% over the 5000, so he'd pay back 5150 after the 3m.

You're supposed to state the annual rate, even if it's for a loan that's under one year. If you happen to have seen the terms for a credit card, or something similar, you might see them say "17% APR," which is an annual rate. But credit cards work month-to-month, there's nothing annual about them. Using this assumption with Horseman's proposal, you would get less than £150 in interest.

The formula for simple interest is principal * rate * time. Rate is expressed as a decimal; time is expressed in years.
So you get 5,000 * 0.03 * (1/4)
Which gets you £37.50.

[Horsemen]

Also it’s 3% for the three months, so you get back 13% annualised

I wonder if the financial culture in the U.K. is different from the U.S. Here, you're supposed to presume it's the annual rate unless stated otherwise.

Tbh you’re right

[supahons]

viewtopic.php?f=315&t=16385#p345726