So actually, let me do that.

So we've collectively borrowed 1 billion from the bank.

And then year 10, I pay the 100,000 plus I pay back the 1 million.

Well, let's say you want to compound let's say you want to pay every day.

And then the bank makes the difference, right?

I'd like to pay in cash.

So what they do is out of this 10 , they pay them some of the basis points.

And what it says is, it allows 10

But the important thing to realize is that these payments

Well I'll save 30 of this.

And you say, this group of the CDOs, they'll get the first payments. or if any payments that go, immediately go to this very senior tranche, right?

You don't pay any mortgage payments.

I'll pay the money for your lunch today.

I'll pay for your lunch today.

So on day zero, you have a 200,000 loan.

Choice 3, I am going to pay you I'm making this up on the fly as I go I'm going to pay you 20 today.

Year 1, 2, 3, dot, dot, dot, dot, 9, 10.

So in year one, I pay 100,000.

Year two, I pay 100,000.

I paid him the money due to him.

It compounds for one month.

That would be a certificate that's an IOU from a company.

It's 32.50, I'll pay for it.

So in month 1 you cater an even where the cost to you was 100

So what do you do?

Some of which is interest, some of which is principle, but it's the same amount you're going to pay every month to pay down that loan plus interest.

Dot, dot, dot, dot.

So I have some kind of weird student loan, where 5,000 comes due all of a sudden.

I paid him four dollars.

I paid him five dollars.

I paid five dollars to him.

When you use the Google search bar you're one side of a multi sided market.

If n is equal to 1, then our situation looks like this you take out your loan, you compound it for one month, 1 plus i, and then you pay your monthly payment.

I probably wouldn't have noticed if you hadn't pointed it out.

But in the old model, the bank would keep these payments itself.

I'd like to pay the check, please.

I'll pay with travelers' checks.

So the way to think about a bank account is, well how much do I pay for that bank account?

I'd like to pay with my credit card instead.

But in multi sided markets there might be users, but they're also might be very separate people who are payers.

Use a real pen.

I'll pay them whatever they ask.

I can tell the IRS that

Because who paid Moody's to give them that rating?

I'll stand up for you.