How to calculate the loan interest

Interest rate is set by lenders. The interest amount is updated every 4 hours  (4 hours/1 term). This is the compound interest & the formula is as follows:

Example:

• Borrowing 1000 USDT -> P=1000
• The interest rate is 12.04%/year
• 4-hour Interest rate is (0.1204/365/24)*4 = 0.000055 -> R= 0.0055%
• Borrowing for 6 terms -> T= 6

• So the interest amount is: