(1) The interest rate conversion formula for RMB business is (note: common for deposits and loans):

1, daily interest rate (0/000)= annual interest rate (%)÷360= monthly interest rate (‰)÷30,

2. Monthly interest rate (‰) = annual interest rate (%)÷ 12,

(two) banks can use the product interest method and the transaction interest method to calculate interest.

1. Accumulate the account balance daily according to the actual number of days, and multiply the accumulated product by the daily interest rate to calculate the interest. The interest-bearing formula is: interest = accumulated interest-bearing products × daily interest rate, where accumulated interest-bearing products = total daily balance.

2. Transaction-by-transaction interest calculation method calculates interest one by one according to the predetermined interest calculation formula: interest = principal × interest rate × loan term. There are three specific methods: if the interest period is a whole year (month), the interest formula is:

① Interest = principal × annual (monthly )× annual (monthly) interest rate,

If the interest-bearing period is a whole year (month) and days, the interest-bearing formula is:

② Interest = principal × annual (monthly) × annual (monthly) interest rate+principal × odd days × daily interest rate.

At the same time, banks can choose to convert all interest-bearing periods into actual days to calculate interest, that is, each year is a calendar day (366 days in leap years) and each month is the actual days in the Gregorian calendar of the current month. The interest-bearing formula is as follows:

③ Interest = principal × actual days × daily interest rate.

These three formulas are essentially the same, but because the interest rate conversion is only 360 days a year, when calculating the actual daily interest rate, one year will be regarded as one day, and the result will be slightly biased. Which formula is used specifically, the central bank gives financial institutions the right to choose independently. Therefore, the parties and financial institutions can agree on this in the contract.

(3) Compound interest: Compound interest means adding interest at a certain interest rate. According to the regulations of the central bank, if the borrower fails to repay the interest at the time agreed in the contract, it will be charged with compound interest. (4) Penalty interest: If the lender fails to repay the bank loan within the prescribed time limit, the penalty interest paid by the bank to the defaulter according to the contract signed with the parties is called bank penalty interest.

(V) loans overdue liquidated damages: penalties for the defaulting party with the same nature as penalty interest.

(six) the formulation and filing of interest calculation methods

Second, the influencing factors of mortgage interest calculation: mortgage interest rate

The mortgage interest rate in China is uniformly stipulated by the People's Bank of China, but commercial banks can fluctuate within a certain range. The mortgage interest rate in China is not always constant, but often changes. The form is that interest rates have been rising, so we often compare the situation before and after raising interest rates.

In the individual housing loan contracts signed by most commercial banks and property buyers, the agreement on the way to adjust the mortgage interest rate is: if the loan term is more than one year, the loan interest rate will be adjusted once a year, and the adjustment time is 65438+ 10/0/0. If the benchmark interest rate is not adjusted within the loan term, the loan interest rate will not be adjusted. In other words, for most mortgage owners, 1 is the month when the mortgage interest rate is adjusted.

The latest deposit and loan interest rate of housing provident fund: 20 18 On July 6, 2008, the deposit and loan interest rate of housing provident fund was lowered again, and the loan interest rate of individual housing provident fund for more than five years was lowered from 4.70% to 4.50%. The interest rate of individual housing provident fund loans for less than five years (including five years) was lowered from 4.20% to 4.00%.

Latest commercial loan interest rate: On July 6, 20 18, the central bank lowered the deposit and loan interest rate, with the annual interest rate of 6-month memory loan being 5.6%, the deposit and loan interest rate of 6 months' to 1 year being 6. 15%, and the deposit and loan interest rate of 3 years' to 5 years being 6.55.

The above is the relevant information compiled by huafa for everyone. In daily life, we should know some common legal knowledge, so that we can use legal knowledge to safeguard our rights when we need help. If you have any other questions, please come to China Law Network for legal consultation. We will have lawyers to provide you with professional advice.