Interest owed by a Borrower but not yet repaid to the Line of Credit contract
Interest denominator = 365.25 days * Base denominator
Base denominator
10000 (adjustment factor since rates are expressed in basis points (bps) --> e.g. 5% rate is expressed as 500bp so we need to divide by 100 to get a % and then by another 100 to arrive at the decimal (500/100/100 = 0.05)
One year
One Julian astronomical year, has 365.25 days: 1 year = 365.25 days = (365.25 days) × (24 hours/day) × (3600 seconds/hour) = 31557600 seconds
dRate
The annual interest rate charged to a Borrower on borrowed / drawn down funds (in basis points to 4 decimals, e.g. 1000bp = 10% and 1234bp = 12.34% and 1234.56bp = 12.3456%)
drawnBalance
The balance of funds that a Borrower has drawn down on the Line of Credit
fRate
The annual interest rate charged to a Borrower on the remaining funds available, but not yet drawn down aka rate charged on the available facility headroom(in basis points to 4 decimals).
facilityBalance
The remaining balance of funds that a Borrower can still drawn down on the Line of Credit (aka headroom)
timespan= block.timestamp - rate.lastAccrued
The number of seconds for which interest will be accrued
block.timestamp
The block timestamp for the block during which interest is calculated, in seconds
Contract workflow
Please see here for an overview of the contract and function workflow.
The definitions below are useful for that.
Principal
The amount of a Lender's Deposit that has actually been drawn down by the Borrower (USD)
Deposit
The sum of the total liquidity provided by a Lender in a given token on a Line of Credit
id
Reference id for the credit line made available to a Borrower by a single Lender for a given token on a Line
