The daily interest rate is 80%: 500,000×/kloc-0 /× (8%) = 4,000 yuan; 500,000 yuan, with a daily interest rate of 80% and a daily interest rate of 4,000 yuan; On the 7th of a week, the interest is 28,000 yuan.
Compound interest refers to the interest-bearing method of calculating the interest generated in the previous interest-bearing periods in the next interest-bearing period in addition to the interest generated by the fund principal.
The loan interest rate generally refers to the monthly interest rate of the loan. For example, the loan interest rate of 5% is the monthly loan interest rate of 0.5%, and the loan interest rate generally occurs in private lending.
It should be noted that when lending, it is necessary to find out whether the loan interest rate refers to the monthly interest rate or the daily interest rate. Many informal lending institutions set daily interest rates.
In private lending, it is also necessary to sign a formal loan contract and stipulate the interest rate of the loan to prevent disputes in the later period. At the same time, it is best to agree on the handling method of not repaying on time.
Extended data:
Calculation method of loan interest:
The interest of private lending varies with the loan term. But in any case, it is not allowed to exceed the annual interest rate of 36%. The calculation methods of private lending interest are mainly divided into:
I. Interest during private lending:
1. First of all, the two parties agreed on interest: the court determined and handled the agreed interest as follows: the annual interest rate is below 24%, and the court supports it; In the range of 24%-36%, the court also supports the part that has been performed.
2. Both parties fail to reach an agreement on interest:
(1) If there is no agreed interest, the lender claims interest within the time limit, and the court will not support it.
(2) If the borrower repents of the claim for unjust enrichment after paying voluntarily, the court will not support the interest with an annual interest rate not exceeding 36%; More than 36% interest will be refunded by the court.
Second, the interest transfer in private lending.
1. Agreed overdue interest: The activities between civil subjects always follow the basic principle of "having an agreement, observing the agreement". If the borrower and the lender clearly agree on overdue interest, as long as the annual interest does not exceed 36%, it can be calculated according to the agreement.
2. No agreement or unclear agreement: Please note that even if there is no interest agreement within the loan period, it will not affect the claim of overdue interest, although private lending can be resolved by the parties themselves as long as there is evidence.
However, the final litigation results caused by different litigation requests will vary widely: there is no agreement between the two parties, that is, there is no agreement on the loan term and overdue interest, and the court will support the calculation of overdue interest according to the bank loan interest rate for the same period.
No agreement, that is, only the interest during the loan period is agreed, which is also a common way of private lending.
Legal basis: Article 28 of the Provisions on Several Issues Concerning the Application of Laws in the Trial of Private Lending Cases.
After the borrower and the borrower settle the loan principal and interest in the early stage, the interest will be included in the loan principal in the later stage, and the creditor's rights certificate will be issued again.
If the previous interest rate does not exceed the annual interest rate of 24%, the amount specified in the newly issued creditor's rights certificate can be confirmed as the later loan principal; Excess interest cannot be included in the future loan principal.
If the agreed interest rate exceeds the annual interest rate of 24%, and the parties claim that the excess interest cannot be included in the later loan principal, the people's court shall support it.