Generally, the issue of interest rate will be involved when borrowing money or loans. Through the agreement of this interest rate, and at the same time combined with the actual situation, such as the principal amount, loan period, etc., then we can Finally calculate the amount of interest you need to bear. So what does this interest rate mean? If you are not sure, you can follow the editor to learn more below.
1. What is the meaning of interest rate
Lending between natural persons, natural persons and non-financial institutions, legal persons or other organizations is private lending. According to the provisions of the Contract Law, a reception contract is a contract in which the borrower borrows money from the lender and returns the loan and pays interest when due. The purpose of a lender lending money to a borrower is generally to earn interest. From the borrower's perspective, the interest rate is the unit cost of using money, the price the borrower pays the lender for using the lender's currency. From a lender's perspective, the interest rate is the rate of return the lender receives for lending money. In fact, interest rate is the ratio of interest to principal.
2. How interest is calculated
(1) If i represents the interest rate, I represents the interest amount, and P represents the principal, the interest rate can be expressed by the formula: i =I/P. The interest per unit of time is equal to the principal multiplied by the interest rate. For example: the monthly interest is 20‰, and the monthly interest on 10,000 yuan is 200 yuan. Calculation formula: 10,000 yuan × 20‰ = 200 yuan. Generally speaking, interest rates vary according to the term standard of measurement, and are expressed in annual interest rate, monthly interest rate, and daily interest rate.
(2) According to industry rules, the daily interest rate is expressed as one thousandth (?), the monthly interest rate is expressed as one thousandth (‰), and the annual interest rate is expressed as one percent (%) to express. If there is no special indication, ? means the daily interest rate, ‰ means the monthly interest rate, and % means the annual interest rate. The conversion formula between the year, month and day interest rates is:
1. Daily interest rate (?) = annual interest rate (%)/360.
2. Monthly interest rate (‰) = annual interest rate (%)/12.
3. Daily interest rate (?) = monthly interest rate (‰)/30.
(3) People often say "how many cents (cents) of annual (monthly) interest" refers to how many cents (cents) of interest should be paid on one dollar of principal per year (month). For example, "monthly interest of 2 cents" means two cents of monthly interest on one yuan. The monthly interest rate is 0.02 yuan/1 yuan = 20‰, which translates into an annual interest rate of 20‰ × 12 = 24%. Then, the annual interest on one yuan It's 2 cents and 4 cents. Calculation formula: 1 yuan × 24% = 0.24 yuan.
(4) Banks usually have two methods for calculating interest, namely the cumulative interest calculation method and the transaction-by-transaction interest calculation method. The accumulation interest method calculates interest based on the daily accumulated loan balance based on the actual number of days, and multiplies the accumulated accumulation number by the daily interest rate. The interest calculation formula is: Interest = Accumulated Interest Accumulation Number × Daily Interest Rate, where Accumulated Interest Accumulation Accumulation Number = Total Daily Balance. The cumulative interest calculation method is mainly used to calculate interest on deposits and loans whose principal changes frequently, such as demand deposits.
(5) The transaction-by-transaction interest calculation method uses a determined principal and an agreed interest rate to calculate interest on a transaction-by-transaction basis according to the interest calculation formula. The step-by-step interest calculation method is generally used to calculate interest on deposits and loans where the principal is relatively fixed. Such as time deposits. If the interest calculation period is a whole year (month), the interest calculation formula is: interest = principal × annual (month) interest rate × number of years (months). If the interest calculation period has a full year (month) and fractional days, the interest calculation formula is: Interest = Principal × Year (month) interest rate × Number of years (months) Principal × Daily interest rate × Number of fractional days. The interest calculation period can also be converted into actual days to calculate interest, that is, each year is 365 days (366 days in a leap year), and each month is the actual number of days in the Gregorian calendar. The interest calculation formula is: interest = principal × daily interest rate × actual number of days.
(6) The principal of private loans is relatively certain, and the interest rate is also agreed in advance. Therefore, the interest on private loans is usually calculated using the transaction-by-transaction method.
After reading the above, you should know what interest rate means. Since most of the private loans are paid loans, that is, the parties will agree on a specific loan interest rate. Of course, in order to pursue high interest, the agreed interest rate may be relatively high. Be careful at this time. If the agreed interest rate is too high, it is very likely to It may be considered a loan shark, but currently in our country, there is no protection for loan sharks.
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What does it mean that the interest supported by the court is four times the bank’s loan interest rate for the same period
[Lawyer’s reply] Although according to the principle of fairness, the lender should be protected from borrowing money income rights. However, according to the principle of good faith, since the borrower and the borrower have not agreed on the interest issue in the loan contract, this kind of personal loan has the nature of a free loan to a certain extent. Although it is not conducive to protecting the rights and interests of the lender, it emphasizes the principle of fairness.
Based on this point, it is recommended that lenders must clearly stipulate interest when signing loan contracts such as IOUs and IOUs. The lender is not allowed to include interest into the principal to obtain compound interest. Although the Contract Law does not make clear and specific provisions on whether the issue of compound interest should be protected, judging from the basic principles and rules of loan contracts confirmed by it, compound interest is not recognized. Therefore, private lending dispute cases after the implementation of this law should still be handled in accordance with the requirements of relevant judicial interpretations, and compound interest will not be recognized and protected. The borrower's main obligation is to repay the loan within the time limit stipulated in the contract. If the borrower cannot repay the loan at the expiration of the contract, it shall bear liability for breach of contract. Regarding the form of liability for breach of contract, my country's "Contract Law" stipulates that if the contract stipulates liquidated damages, liquidated damages shall be paid in accordance with the provisions of the contract. If there is no stipulated liquidated damages in the contract, overdue interest shall be paid in accordance with the agreement or relevant national regulations.
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The company has encountered some problems this year, which are operational problems. So what does the relevant interest rate mean? What is it? Legal significance?
[Lawyer Reply] The ratio of the amount of interest due each period on the amount deposited or borrowed (called the total principal) to the face value. The total interest on the amount lent or borrowed depends on the total principal amount, the interest rate, the frequency of compounding, and the length of time it is lent, deposited, or borrowed. Interest rate is the price a borrower pays for borrowing money, and it is the return the lender earns from lending to the borrower by delaying his or her consumption. The interest rate is usually calculated as a percentage of the one-year interest to the principal.
Lütu Legal Consulting
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Mortgage interest rate increased by 10% Yes What does it mean
[Lawyer’s reply] The answer to your question is as follows, Hello, 1. From now on, does 10% mean that it will be 1.1 times the base interest rate regardless of whether it rises or falls? Yes, the contract is signed. What interest rate level will be implemented in the future cannot be changed once the contract is signed. 2. There is a saying that the new interest rate starts in January every year. What does it mean? The adjustment time for personal housing loan interest rates is January 1 of each year. It is different from other loans. Other loans are adjusted immediately after the People’s Bank of China announces the interest rate. Only personal housing loans are adjusted. The loan interest rate is not adjusted until January 1 of the next year. Of course, if the People's Bank of China did not adjust the interest rate last year, it will not adjust the personal loan interest rate in the second year. 3. Under normal circumstances, a certain real estate will sign cooperation agreements with several banks. Banks without cooperation agreements cannot provide loans. You can ask the sales staff how many banks there are, and then compare the interest rate policies of several banks. Sometimes the property salesperson has a good relationship with a certain bank, so he only recommends that you go to that bank. In fact, any bank that has signed an agreement can handle it, so you have to ask more questions.