The calculation formula of interest is generally "interest = principal × interest rate× term", where we borrow 10000 yuan per month at 7% interest, and the interest is 10000*0.7%* 1=70 yuan.
Usually 7% interest refers to the loan interest, which means the monthly interest rate of the loan is 0.7%. If the monthly interest rate is converted into annual interest rate, it is 0.7%* 12=8.4%. For example, if the loan is 6,543,800 yuan and the loan term is 654.38+0 years, the repayment interest of equal principal is 455 yuan, the repayment interest of equal principal and interest is 460.82 yuan, and the repayment interest before principal is 840 yuan.
Usually, the monthly interest rate is expressed as a few thousandths of the principal, that is, the monthly interest. In addition to the monthly interest rate, there are two interest rate expressions: daily interest rate and annual interest rate, which are expressed by a few ten thousandths and a few percent of the principal respectively. The conversion method is as follows: monthly interest rate = annual interest rate12 = daily interest rate *30.
Money other than the principal of deposits and loans (different from "principal").
Abstract interest point refers to the value-added amount brought by monetary funds injected into the real economy and returned. Generally speaking, interest refers to the remuneration paid by the borrower (debtor) to the lender (creditor) for using the borrowed currency or capital. Also known as the symmetry of sub-fund and parent fund (principal). The calculation formula of interest is: interest = principal × interest rate × deposit period (i.e. time).
Interest is the reward that the fund owner gets for lending the fund, which comes from a part of the profits that the producer makes by using the fund to play its operational functions. Refers to the value-added amount brought by monetary funds injected into the real economy and returned. The calculation formula is: interest = principal × interest rate × deposit period × 100%.
Classification of bank interest
According to the different nature of banking business, it can be divided into bank interest receivable and bank interest payable.
Interest receivable refers to the remuneration that the bank obtains from the borrower by lending to the borrower; It is the price that the borrower must pay for using the funds; It is also part of the bank's profits.
Interest payable refers to the remuneration paid to depositors by banks to absorb their deposits; It is the price that banks must pay to absorb deposits, and it is also part of the cost of banks.