If you borrow 50,000 yuan, you will pay interest 1.200 yuan every month, which is equivalent to the annual interest rate =1.200/50,000 * 1.2 = 28.8%.

The benchmark interest rate for one-year loans is 6%, which is four times that of 24%.

28.8%》24%

So the interest rate above is already usury, so it can't be said that it is not high, hehe.

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