If the loan interest is 6%, the loan amount is multiplied by 0.006.

If you borrow 10000 yuan,

Then one month's interest expense = 10000*0.006=60 yuan;

Interest expense for one year =60* 12=720 yuan.

Extended information 1. The interest rate of savings deposits shall be uniformly stipulated by the state and promulgated by the People's Bank of China. Interest rate, also known as interest rate, is the ratio of interest to principal on a certain date, which is generally divided into annual interest rate, monthly interest rate and daily interest rate.

2. The monthly interest rate of 6% is written as 6‰, that is, the monthly interest rate per thousand yuan deposit is 6 yuan, and the daily interest rate is written as 1% 1.5‰.

3. Loan is a form of credit activity in which banks or other financial institutions lend monetary funds at a certain interest rate and must return them. Loans in a broad sense refer to loans and discounts.

References:

Baidu Encyclopedia: Interest Calculation Formula