Calculating a Loan Balance
Sapling loans use a simple interest model. This means unpaid interest is not compounded.
The balance of a loan due at any given time is calculated in the following manner:
Where interestPercent depends on loan APR, the number of days passed since the loan Interest Paid Till Timestamp. Interest percentage at the time of balance checking or payment is calculated in the following manner:
For loans with a repayment schedule loan balance due is the total payment amount to close the loan at a given time. Total amount paid towards the loan to avoid a default is the instalment amount multiplied by the number of past instalments.
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