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Cool experiment. I don't agree with how you say that 10% is the Quoted Interest Rate, because Stripe isn't doing that. They are saying they have a fixed fee.
by softawre 7y ago
Cool experiment.
I don't agree with how you say that 10% is the Quoted Interest Rate, because Stripe isn't doing that. They are saying they have a fixed fee. "Interest rate" means it compounds.
- davidpolberger 7y agoIf the HN hive mind can agree on better terminology, I'd be happy to update the calculator.
- dbkahn 7y agoI would say something like "Loan fee as a percent of amount lent" or (if you wanted to keep it consistent) "Fixed fee as a percent of Principal"