Generally refers to the monthly interest rate, that is, the monthly interest rate is 0.6% and the annual interest rate is 0.6%* 12=7.2%.
If the loan is 1 0,000 yuan, the interest for one month is 1 10,000 * 0.6% = 60, and the interest for one year is 1 10,000 * 7.2% = 720 yuan.
Extended answer:
Interest is one of the manifestations of the time value of funds. From its formal point of view, it is the reward that the monetary owner gets from the borrower for issuing monetary funds. On the other hand, it is the price that the borrower must pay for using monetary funds. Interest is essentially a part of profit and a special form of profit transformation.
According to the different nature of banking business, it can be divided into bank interest receivable and bank interest payable.
Interest receivable refers to the remuneration that the bank obtains from the borrower by lending to the borrower; It is the price that the borrower must pay for using the funds; It is also part of the bank's profits.
Interest payable refers to the remuneration paid to depositors by banks to absorb their deposits; It is the price that banks must pay to absorb deposits, and it is also part of the cost of banks.
Formula interest:
Interest (year) = principal × annual interest rate (percentage) × deposit period
Or interest = principal × interest rate× time
Deposit interest = principal x days x listing interest (daily interest rate) = interest-bearing days x daily interest rate
Interest tax = deposit interest (income tax payable) × applicable tax rate