The calculation steps are as follows:
1. Calculate the monthly interest rate: the comprehensive interest rate is divided by 12 months, that is,18% ÷12 =1.5%.
2. Calculate the monthly loan interest: multiply the remaining unpaid principal by the monthly interest rate, for example, the interest in the first month is10000×1.5% =150 yuan.
3. Calculate the principal payable each month: the total loan amount is divided by the number of repayment periods. For example, the principal of the first month is10000 ÷ 9 ≈111yuan.
4. Calculate the monthly payment: add up the monthly principal and interest, for example, the monthly payment in the first month is11.11+150 =12665438+.
The monthly payment in the last month may be different, because the remaining principal needs to be repaid in one lump sum in the last period.
Summary:
Through the formula of equal principal and interest repayment, the fixed payable amount of each month can be calculated. Among them, the interest will gradually decrease, while the principal will gradually increase, thus realizing the equal installment repayment of the loan.
Extended data:
Matching principal and interest repayment is a common loan repayment method, and it is also one of the ways adopted by many online lending platforms. Through fixed monthly repayment, the borrower can repay the loan in installments within the prescribed time limit. This repayment method is simple and clear, and is suitable for most borrowers. However, it is necessary to pay attention to the comprehensive rate and other related expenses to ensure that there will be no additional economic pressure during the repayment process.