rogerbu
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Post by rogerbu on Mar 13, 2015 11:42:22 GMT
Ed. I know I am a bit of a nerd, but I like to understand and know what to expect
I can see from my account that interest has been Shown to an accuracy of £0.01.
Can you tell us to what accuracy our interest is Calculated and allocated?
And to what accuracy is our interest and the resultant balance Recorded within MT's system?
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Post by MoneyThing on Mar 13, 2015 13:03:03 GMT
Ed. I know I am a bit of a nerd, but I like to understand and know what to expect I can see from my account that interest has been Shown to an accuracy of £0.01. Can you tell us to what accuracy our interest is Calculated and allocated? And to what accuracy is our interest and the resultant balance Recorded within MT's system? My apologies rogerbu, I was busy looking at the other thread and have only just noticed your new thread. Let me get back to you on the calcs we use in the system. Regards, Ed.
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Post by MoneyThing on Mar 13, 2015 13:26:54 GMT
Ed. I know I am a bit of a nerd, but I like to understand and know what to expect I can see from my account that interest has been Shown to an accuracy of £0.01. Can you tell us to what accuracy our interest is Calculated and allocated? And to what accuracy is our interest and the resultant balance Recorded within MT's system? My apologies rogerbu, I was busy looking at the other thread and have only just noticed your new thread. Let me get back to you on the calcs we use in the system. Regards, Ed. Currently, calculation is based on 1% per month regardless of the number of days in that month (rounded up to the nearest 1p). This is actually quite complicated from a system prospective, e.g. daily interest is calculated for January = 1%/31 & February = 1%/28. We are however about to change it so that the daily calculation will be 12%/365 (rounded up to the nearest 1p). Regards, Ed.
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rogerbu
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Post by rogerbu on Mar 13, 2015 15:03:31 GMT
Thanks, that makes sense.
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investibod
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Post by investibod on Jan 22, 2016 17:20:48 GMT
Sorry to drag up an old thread, but it seems relevant to my question. I think that interest is calculated on your holdings every day and pay monthly. And that the situation is not that a whole month's interest is paid to whoever owns the loan part on the day that interest is paid. However, it seems that quite a few times I have seen loan parts go onto the SM the day after interest is paid, so just looking for confirmation  |
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SteveT
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Post by SteveT on Jan 28, 2016 16:55:11 GMT
MoneyThing Ed, just out of interest (!), what point in the day does Shuang's system use to decide that the current holder of a loan-part has earned the right to another day's interest? For example, is it: 1) mid-night, mid-day or another fixed time each day? 2) when the daily interest payments run is processed? (mid-morning usually I think?) 3) the same time of day that the particular loan-part was purchased? (ie. another 24 hours owned) 4) ... something else? Thanks.
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am
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Post by am on Jan 28, 2016 20:12:08 GMT
My apologies rogerbu, I was busy looking at the other thread and have only just noticed your new thread. Let me get back to you on the calcs we use in the system. Regards, Ed. Currently, calculation is based on 1% per month regardless of the number of days in that month (rounded up to the nearest 1p). This is actually quite complicated from a system prospective, e.g. daily interest is calculated for January = 1%/31 & February = 1%/28. We are however about to change it so that the daily calculation will be 12%/365 (rounded up to the nearest 1p). Regards, Ed. Due to shrapnelification, I've got a holding of £3 in one loan (and a second holding of £247 bought when more became available). £3 translates to annual interest of 36p, or approximately 0.1p per day. You seem to be saying that my interest on the £3 will be rounded up to £3.65 over the course of the year, or an effective rate of 120%. I assume that this is not the case, so either I've misunderstood, or you've misspoke. Should it be duration of loan holding multiplied by 12%/365? I would have expected interest to have been calculated to a higher precision* and any rounding applied when a loan is sold/repaid. *A technical distinction is made between accuracy and precision, and it is precision being discussed here. It's another platform which is known to have problems with accuracy.
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Post by MoneyThing on Jan 28, 2016 20:25:20 GMT
MoneyThing Ed, just out of interest (!), what point in the day does Shuang's system use to decide that the current holder of a loan-part has earned the right to another day's interest? For example, is it: 1) mid-night, mid-day or another fixed time each day? 2) when the daily interest payments run is processed? (mid-morning usually I think?) 3) the same time of day that the particular loan-part was purchased? (ie. another 24 hours owned) 4) ... something else? Thanks. Evening. Answer is 1) - mid-night. Regards, Ed.
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Post by MoneyThing on Jan 28, 2016 20:31:48 GMT
Currently, calculation is based on 1% per month regardless of the number of days in that month (rounded up to the nearest 1p). This is actually quite complicated from a system prospective, e.g. daily interest is calculated for January = 1%/31 & February = 1%/28. We are however about to change it so that the daily calculation will be 12%/365 (rounded up to the nearest 1p). Regards, Ed. Due to shrapnelification, I've got a holding of £3 in one loan (and a second holding of £247 bought when more became available). £3 translates to annual interest of 36p, or approximately 0.1p per day. You seem to be saying that my interest on the £3 will be rounded up to £3.65 over the course of the year, or an effective rate of 120%. I assume that this is not the case, so either I've misunderstood, or you've misspoke. Should it be duration of loan holding multiplied by 12%/365? I would have expected interest to have been calculated to a higher precision* and any rounding applied when a loan is sold/repaid. *A technical distinction is made between accuracy and precision, and it is precision being discussed here. It's another platform which is known to have problems with accuracy. Evening, Daily interest is calculated based upon 12%/365. We round up to the nearest 1p each monthly payment run on each loan. Kind regards, Ed
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