1. daily interest rate (0/000)= annual interest rate (%)÷360 = monthly interest rate (‰)÷30.

2. Monthly interest rate (‰) = annual interest rate (%)÷ 12

(two) banks can use the product interest method and the transaction interest method to calculate interest.

1. Accumulate the account balance daily according to the actual number of days, and multiply the accumulated product by the daily interest rate to calculate the interest. The interest-bearing formula is:

Interest = cumulative interest-bearing product × daily interest rate, where cumulative interest-bearing product = total daily balance.

2. Transaction-by-transaction interest calculation method carries out transaction-by-transaction interest calculation according to the preset interest calculation formula: interest = principal × interest rate × loan term, with three details:

If the interest-bearing period is a whole year (month), the interest-bearing formula is:

① Interest = principal × year (month )× year (month) interest rate

If the interest-bearing period is a whole year (month) and days, the interest-bearing formula is:

② Interest = principal × annual (monthly) × annual (monthly) interest rate+principal × odd days × daily interest rate.

At the same time, banks can choose to convert all interest-bearing periods into actual days to calculate interest, that is, 365 days per year (366 days in leap years), and each month is the actual number of days in the Gregorian calendar of the current month. The interest-bearing formula is as follows:

③ Interest = principal × actual days × daily interest rate

These three formulas are essentially the same, but because the interest rate conversion is only 360 days a year. However, when calculating the actual daily interest rate, it will be calculated according to 365 days a year, and the result will be slightly biased. The central bank gives financial institutions the right to choose which formula to use. Therefore, the parties and financial institutions can agree on this in the contract.