How to calculate the monthly interest of 1.5?

The monthly interest rate 1: 5 means that the monthly loan interest rate is 1.5%, the user borrows 1 ten thousand yuan, and the loan term is 1 month, so the interest is10000 *1.5% =/kloc. If the monthly interest rate 1.5 is converted into the annual loan interest rate, 1 .5% * 1 2 =18%, the loan is1ten thousand yuan, the loan term is1year, and the interest is/kloc-.

The annual loan interest rate 18% is still within the legal scope, but the loan interest rate is higher than the bank loan interest rate.

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