This loan interest rate is low, and users who can get loans at this interest rate are usually high-quality customers recognized by financial institutions. For example, if you borrow 1 10,000 yuan and the loan term is one year, then the interest on this loan is 456 yuan. Therefore, when applying for a loan, if the loan product gives a daily interest rate or a monthly interest rate, the user must convert the annual interest rate, so as to know whether the loan interest rate is legal.
Monthly repayment amount = [loan principal × monthly interest rate ×( 1+ monthly interest rate )× repayment months ]/[( 1+ monthly interest rate )× repayment months Calculation principle: from the monthly contribution, the bank will charge interest on the remaining principal first, and then the principal.