The interest algorithm of rural credit cooperative loans and bank loans is the same. 1. The calculation formula is: loan interest = loan principal * loan time * loan interest rate.
Often used as annual interest rate, monthly interest rate and daily interest rate determine the size of the reduction, and the actual interest rate is the same.
If the loan time unit is days, the interest rate is years: loan interest = loan principal * loan time (days) * loan interest rate /360.
If the loan time unit is days and the interest rate is months: loan interest = loan principal * loan time (days) * loan interest rate/12.
Pay attention to distinguish interest rates: the percent sign is the annual interest rate, the micrometer is the monthly interest rate, and the semicolon is the daily interest rate.
Often used as annual interest rate, monthly interest rate and daily interest rate determine the size of the reduction, and the actual interest rate is the same.