Monthly interest rate = annual interest rate/12, daily interest rate = annual interest rate /360.
2. According to different repayment methods, the algorithm of interest is also different, but the basic algorithm is as follows:
Current month loan interest = remaining principal of last month * monthly loan interest rate
Repayment of principal in the current month = repayment amount in the current month-loan interest in the current month
Last month's remaining principal = total loan amount-accumulated principal repayment
3. We take a loan with a term of three years and a loan amount of 654.38+10,000 yuan as an example. If the current three-year interest rate is 6. 15%, then:
The first month loan interest =100000 * 0.5125% = 512.5.
Principal paid in the first month = repayment amount in the first month (depending on repayment method) -52 1.5
Residual principal in the first month = 100000- (repayment amount in the first month -52 1.5)
Second month loan interest = {10000- (first month repayment amount -52 1.5)} * 0.5 125%. ...
Extended data
Loan interest refers to the reward that the lender gets from the borrower for issuing monetary funds, and it is also the price that the borrower must pay for using the funds. ? Bank loan interest rate refers to the ratio of interest amount to principal amount during the loan period. The interest rate of loan contracts with banks and other financial institutions as lenders can only be determined through consultation within the upper and lower limits of interest rates stipulated by the Bank of China. If the loan interest rate is high, the repayment amount of the borrower will increase after the loan term, otherwise it will decrease. There are three factors that determine loan interest: loan amount, loan term and loan interest rate.
Reference: loan interest-Baidu Encyclopedia