If your monthly interest rate is 7%, the calculation method of loan interest for ten thousand months is principal * interest rate = monthly interest 10000*0.7%=70, and your monthly interest rate is 70* 12=840 yuan.
From the perspective of loans, the annual interest rate of 8.4% is not particularly high, and most local banks have such a figure. Ten thousand dollars a year is seven or eight hundred dollars, almost more than twice the deposit. If you save 10 thousand yuan now, it will be about 300 yuan a year.
1, how to calculate the interest?
Many people who don't touch loans may only know 1 equal to 10%, and they will be confused when they switch to interest, and they don't know how to calculate it. In fact, there is a simple saying here that 7% is equal to 0.7%. Every month is 7%, which means the monthly interest rate is 7%. According to 1 ten thousand yuan, then every month is 70 yuan.
According to the annual interest rate = 12 times the monthly interest rate =30 times the daily interest rate, the annual interest rate of 1 10,000 yuan is 70× 12=840 yuan. This is probably a loan from a local bank. If it is a mortgage, it should not be so high, but it should be subject to the local bank. You can ask a few more questions, make a general reference and choose a relatively low one.
2. Interest rate.
Now most people will use 0. 1% to describe the interest rate, which means 0. 1%. However, when we borrow money, we should see clearly that the other party is talking about the year, month and day. 7% per month is relatively acceptable, but it is not particularly high. The situation in 2008 is also unlikely. 70 yuan. No one or organization will do it in a year. If it is a daily interest rate, you should think it over. One day, you will need 70 yuan, which is not a small sum.
If you encounter this kind, it may be usury, and it is recommended to choose carefully. If there is no money to pay back by then, you may have to pay the price. But from a legal point of view, the annual interest rate cannot exceed 36%, and it is between 24% and 36%. You can also choose not to give it.
Don't borrow money easily.
Borrowing is not unusual for modern people. Whether buying a car or a house, many people will consider a loan. If there is no necessary demand, I personally suggest not to borrow money. After all, a loan is like borrowing money, and you may need to mortgage something. If you can't repay the money on time, the mortgaged things may be affected. At that time, not only ourselves, but the whole family may be involved. It is understandable to do business, buy a car and buy a house, but we must consider the status quo and consequences.