How much interest will I pay?Last Updated: July 27, 2019
Interest rates may vary depending on the token and the supply and demand of the given debt reserve.
Every loan that gets taken on Nuo has a fixed interest that you have to pay regardless of the time in which you repay. The rate of this interest is determined solely by the reserve utilization of that currency at the time of creating the loan. So, for example:
Loan: 200 DAI
Borrow APR: 14%
Tenure for loan: 30 days
Total interest to be paid: (200*14/100)/(365)*30 = 2.3 DAI.
Now, even if you repay the loan within 1 day or if the loan auto-liquidates(due to price fluctuations), you will still end up paying 2.3DAI only.