You fancy me mad. Madmen know nothing. But you should have seen me. You should have seen how wisely i proceeded--with what caution--with what foresight--with what dissimulation I went to work!
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The narrarator ( the protagonist ) claims he isn't mad, but says he is just nervous and diseased. He also says he can tell the story calmly. The narrarator says he has no problem with the old man, it's just the old man's "vulture eye" that makes him want to murder the old man ( the antagonist ).
Every night, the narrarator would check on the old man to see if his "vulture eye" was open. If it was not open, the narrarator could not kill the old man. He waits this week out. He hasn't seen his opportunity to murder the old man. The narrarator was gonna wait for the perfect time.
They know! They're laughing at me! They can hear his heartbeat!
The eighth night came around. The narrator peaked his head in the door. His thumb slipped on the lantern, and it woke up the old man. He stood in the doorway, waiting for the perfect time. The old man was shaken, and he sat up in his bed, afraid. After a full hour of silence, the old man finally got himself to lay back down. This scene builds up suspense.
Villains! dissemble no more! I admit the deed! -- tear up the planks! here, here!...
The narrarator sees his opportunity. He smothers the old man with a mattress and kills him.
After murdering the old man, the narrarator chops him up in the bathtub, washes all the blood away, and puts all the body parts under the floorboards. At four o'clock in the morning, the police arrive because the neighbor said they heard a shriek. The narrarator allows them to search the house, but the longer the police are in the house, the crazier the narrarator drives himself.
The narrarator couldn't take it anymore. He finally confesses to the murder. The narrator's internal conflict drove him crazy.