The interest rate conversion formula for RMB business is: 1, daily interest rate (0/000)= annual interest rate (%)÷360= monthly interest rate (%)÷30 2, and monthly interest rate (%) = annual interest rate (%)÷ 12. Banks can adopt product interest rate method and personal interest rate method. The interest-bearing formula is: interest = accumulated interest-bearing products × daily interest rate, where accumulated interest-bearing products = total daily balance.
2. Transaction-by-transaction interest calculation method calculates interest one by one according to the preset interest calculation formula: interest = principal × interest rate × loan term. Specifically, if the interest-bearing period is a whole year (month), the interest-bearing formula is: ① Interest = principal × annual (month )× annual (month) interest rate; If the interest-bearing period is a whole year (month) and the number of days is a decimal, the interest-bearing formula is: ② Interest = principal. At the same time, banks can choose to convert the interest period into actual days to calculate interest, that is, 365 days per year (366 days in leap years), and each month is the actual number of days in the Gregorian calendar of the current month. The interest-bearing formula is: ③ Interest = principal × actual days × daily interest rate. These three formulas are essentially the same, but because the interest rate conversion is only 360 days a year. However, when calculating the actual daily interest rate, it will be calculated according to 365 days a year, and the result will be slightly biased.
Some people think that the upper limit of interest rate should be the marginal rate of return of funds. The factor that restricts the interest rate is regarded as the comparison between the profit growth rate of enterprises after borrowing bank loans and the loan interest rate. As long as the former is not lower than the latter, it is possible for enterprises to borrow money from banks. 1, compound interest: compound interest means adding interest at a certain interest rate. According to the regulations of the central bank, if the borrower fails to repay the interest at the time agreed in the contract, it will be charged with compound interest. 2. Penalty interest: If the lender fails to repay the bank loan within the prescribed time limit, the penalty interest paid by the bank to the non-defaulting party according to the contract signed with the parties is called bank penalty interest. 3. loans overdue liquidated damages: the nature is the same as penalty interest, and it is a punitive measure for the defaulting party.