1 interest is 1 yuan, 1 minute interest is 100 yuan, depending on whether it is monthly interest or daily interest.

1 Interest is calculated in the same way as deposit and loan:

Interest = principal × interest rate× time

Note that the interest rate here is the monthly interest rate (1%), and the time unit is month.

Usually, if it is not specified whether it is annual interest or monthly interest, it will be calculated according to the annual interest.