The loan interest rate determines the interest required for future repayment, so it is very important to know the relevant knowledge of interest. Now many people don't know what the monthly interest rate is and how to calculate it.
One: What's the monthly interest rate?
In daily loan business, we often hear the concepts of annual interest rate, monthly interest rate and daily interest rate, so what do they mean respectively? First of all, we need to know what interest rate is. Interest rate, also known as interest rate, is the ratio of interest amount to principal in a certain period, usually expressed as a percentage. Annual interest rate, monthly interest rate and daily interest rate are calculated by year, month and day respectively. For example, what is the monthly interest rate? It is the ratio of interest to principal to be paid within one month. If the loan is 65,438+0,000 yuan and the interest is paid within one month, the monthly interest rate is = 65,438+00/65,438+0,000 = 65,438+0%. Monthly interest rate refers to the ratio of interest amount to deposit and loan principal within one month; Annual interest rate refers to the ratio of interest amount to deposit and loan principal within one year.
General monthly interest rate and annual interest rate can be converted to each other. Monthly interest rate = annual interest rate/12.
Suppose that the annual interest rate of a loan applied by an individual in a bank is 7.2%, which translates into a monthly interest rate of 7.2/ 12* 100%=0.6%. If you know the monthly interest rate, annual interest rate and deposit and loan principal, you can calculate the deposit and loan interest.
Two: Know how to calculate the monthly interest rate.
Knowing what the monthly interest rate is, you can calculate the monthly interest, which is related to the loan principal and term. The specific formula is as follows:
Interest = loan principal * daily interest rate * loan days
For example, if someone borrows a loan of 10000 yuan and the daily interest rate is 4.5%, then his daily interest rate is =10000 * 0.045% *1= 4.5 yuan.
In addition, the conversion formula among annual interest rate, monthly interest rate and daily interest rate is:
Annual interest rate = monthly interest rate * 12= daily interest rate *360.
The benchmark interest rate for bank deposits and loans is 4.35% annualized, and the monthly interest rate is 4.35%/ 12=0.36%.
Third: second, the annual interest rate.
The calculation method of annual interest rate is as follows: the total annual interest rate refers to the total amount of principal and interest, calculated in two ways: simple interest and compound interest.
Simple interest: annual interest rate = 1+ monthly * monthly interest rate.
Compound interest: annual interest rate =( 1+ monthly interest rate) to the nth power, where n is the number of months.