The loan is 50,000 yuan, with matching principal and interest repaid in five years and monthly repayment 1302. What is the annual interest rate？

Matching principal and interest repayment:

The total loan amount is 50,000 yuan.

The total repayment amount is 56,270.74 yuan.

Pay interest of 6270.74 yuan.

Number of months of loan: 60 months

The monthly repayment is 937.85 yuan.

2. Matching principal and interest refers to a repayment method of housing loan, that is, repaying the same amount of loan (including principal and interest) every month during the repayment period.

The calculation formula of monthly repayment amount is as follows:

[loan principal × monthly interest rate ×( 1+ monthly interest rate) repayment months ]/[( 1+ monthly interest rate) repayment months-1]

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