What is the interest rate of Xingye's loan to Star?
The loan interest rate of Xingye is mainly determined by the number of periods. The loans of Xingye can be divided into 3/6/ 12/ 18/24/36 periods, and the interest rates in different periods are different. In addition, the way the handling fee is collected also has a certain impact on the interest rate.
There are two ways to collect fees for interest loans: installment fees and one-time fees. The installment fee is equal to the total installment principal multiplied by the monthly rate, and is recorded in each installment on the billing date after each installment. One-time charge is equal to the total amount of installment principal multiplied by the installment fee rate, which is recorded in one lump sum on the first billing day after installment. See the figure below for specific rates:
The installment rate can be calculated according to this formula: total handling fee = total installment amount * installment interest rate * installment number.
take for example
Suppose you apply for a loan of12,000 yuan for Xingye Xiang Xing, and the handling fee will be collected by stages, so the amount to be repaid each month is:
Monthly repayment principal =12000/12 =1000 yuan;
Monthly installment interest rate = 12000* yuan;
Monthly repayment amount = 1000+96= 1096 yuan.
Summary: What is the interest rate of the loan? As mentioned above, if you need to handle this business, you may wish to calculate the fee according to the above formula to see if it is cost-effective.