The interest rate is 8%, that is, the monthly interest rate is 8% interest, that is, the monthly interest rate is 0.8%.

8% interest is generally used in private lending. The unit of cent is often used in private lending, which means a few thousandths. For example, the interest rate of 8% is 0.8%. Interest is calculated based on time. Before calculation, you need to clarify whether it is based on day, month, or year. Specific calculation formula:

Interest = principal × interest rate × deposit period

Example: The principal is 10,000 yuan and the deposit period is one year.

Then one year’s interest = 10000×0.8%×12=960 yuan

In other words, the annual interest of 8% is:

0.008x12 ( Month)x100=0.096x100=9.6%.

Extended information:

Interest refers to the remuneration that currency holders (creditors) receive from borrowers (debtors) for lending currency or monetary capital. Including interest on deposits, loans and various bonds.

Factors affecting interest: The amount of interest depends on the following three factors: principal, deposit period and interest rate level.

The calculation formula for interest is: Interest = Principal X Interest Rate From now on, personal income tax on savings deposit interest will be temporarily exempted. Therefore, the interest on savings deposits is currently exempt from interest tax.

Interest is the fee for using currency within a certain period of time. It refers to the remuneration that currency holders (creditors) receive from borrowers (debtors) for lending currency or currency capital. Including interest on deposits, loans and various bonds. Under capitalism, the source of interest is the surplus value created by wage workers. The essence of interest is a special transformation form of surplus value and is a part of profit.

1. Money other than principal received from deposits and loans (different from ‘principal’).

2. Interest (interest), in abstract terms, refers to the value-added amount brought about when monetary funds are injected into and returned to the real economic sector. To put it less abstractly, interest generally refers to the remuneration paid by the borrower (debtor) to the lender (creditor) for the use of borrowed currency or capital. Also called sub-gold, the symmetry of the parent fund (principal). The formula for calculating interest is: Interest = Principal × Interest Rate × Deposit Term (that is, time).

Interest is the remuneration received by the owner of the funds for lending the funds. It comes from a part of the profits generated by the producers using the funds to perform operational functions. It refers to the value-added amount brought about when monetary funds are injected into and returned to the real economic sector. The calculation formula is: interest = principal × interest rate × deposit period × 100%

3. Classification of bank interest According to the different nature of banking business, it can be divided into two types: bank interest receivable and bank interest payable. Interest receivable refers to the remuneration a bank receives from borrowers for lending funds to borrowers; it is the price borrowers must pay for using funds; it is also part of the bank's profits. Interest payable refers to the remuneration paid to depositors by a bank for absorbing deposits from depositors; it is the price that a bank must pay to absorb deposits and is also part of the bank's costs.