> For the complete documentation index, see [llms.txt](https://docs.voyage.finance/voyage/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.voyage.finance/voyage/whitepaper/voyage-buy/repayment.md).

# Repayment

### Repayment Schedule

In contrast to many lending protocols, all drawdowns are amortised over a transparent and pre-determined schedule according to protocol parameters set by governance. At present, this is set at **three** instalments over a **28 days** period (including the first instalment which is paid down during the NFT purchase).

### Interest

Borrowers are charged **simple** **interest** (as opposed to compound), as a means of simplifying the repayment mechanism and promoting better cashflow predictability for both lenders and borrowers.

Given the following parameters:

$$P = 10$$​

$$Rate=0.5214$$

$$Fees=0.1$$

​$$Term\_\alpha=28\ days$$​

$$Epoch=14\ days$$

$$NPer=28/14=2$$

$$EPY=365/14=26.0\bar7$$

Assuming the first instalment is paid down during purchase, we arrive at the following instalment amount that the borrower has to pay at the next epoch:

$$Pmt=10\*(1+0.1+0.5214/26.0\bar7\*2)/3=3.5$$

{% hint style="success" %}
All key terms of the loan are known beforehand using simple arithmetic calculations and stored on-chain, allowing borrowers to easily make business and financial plans when borrowing with Voyage.
{% endhint %}