According to the given conditions:
Loan amount =150,000 yuan
Total repayment months = 20 years × 12 months/year = 240 months.
Monthly interest rate = 5.68%/ 100 = 0.0568.
Substitution formula calculation:
Monthly repayment amount =150000× 0.0568/(1-(1+0.0568) (-240))
After calculation, the monthly repayment amount is about 1, 109.24 yuan.
The explanation and calculation steps are as follows:
1. Convert annual interest rate into monthly interest rate: 5.68%/ 100 = 0.0568.
2. Use the repayment formula to calculate the monthly repayment amount, which takes into account the loan amount, monthly interest rate and total repayment months.
3. Provide the values of loan amount, total repayment months and monthly interest rate, and substitute them into the formula for calculation.
4. The monthly repayment amount is about 1, 109.24 yuan.
Extended data:
The loan interest rate is the interest expense paid by the borrower to the lending institution, usually expressed in the form of annual interest rate. The total number of repayment months depends on the loan period, and the monthly repayment amount is determined by the loan amount, monthly interest rate and the total number of repayment months. In the process of loan, knowing the monthly repayment amount can help borrowers plan their personal finances and ensure timely repayment.