In 2012, the ICBC loan of RMB 160,000 was repaid in 14 years. How much is the total interest rate? What is the monthly payment? (Why are there more deductions in the first few months and less deductions in the next few months?)

Calculated based on the benchmark interest rate, the current benchmark interest rate was adjusted and implemented on July 6, 2012. The adjusted interest rate is 6.55 over five years. The monthly interest rate is 6.55/12, 14 years and 168 months, and the principal is repaid in equal amounts (more in the front and less in the back). Monthly principal repayment is 160000/168

First month repayment: 160000/168 160000*6.55/12=1825.71

Second month repayment: 160000/168 (160000-160000 /168)*6.55/12=1820.52

March: 160000/168 (160000-160000*2/168)*6.55/12=1815.32

And so on, every month Decreasingly 160000/168*6.55/12=5.1984

Last month’s repayment: 160000/168 (160000-160000*167/168)*6.55/12=957.58

Total interest : (1825.71 957.58)*84-160000=73796.4