7% interest refers to the monthly interest rate, which is 0.7%. According to the normal understanding and the actual market situation, 7% refers to the interest rate of 0.7%. The annual interest rate of the loan is 7.000%, the monthly repayment is 2049.66 yuan, and the total principal plus interest is 6 14897.90 yuan. The interest is 324,897.90 yuan.

The interest rate conversion formula for RMB business is (note: common for deposits and loans):

1, daily interest rate (0/000)= annual interest rate (%) ÷ 360 = monthly interest rate (‰)÷30.

2. Monthly interest rate (‰) = annual interest rate (%) ÷ 12.

Determination of loan interest rate

1. Determination of loan interest rate: The lender shall determine the interest rate of each loan according to the upper and lower limits of loan interest rate stipulated by the People's Bank of China, and specify it in the loan contract.

2. Collection of loan interest: Lenders and borrowers shall collect or pay interest on schedule in accordance with the loan contract and relevant interest-bearing provisions of the People's Bank of China. When the loan extension period plus the original term reaches the new interest rate grade, it will be charged at the new term grade interest rate from the date of extension. Penalty interest is charged for overdue loans according to regulations.

3. Loan interest subsidy: According to the national policy, in order to promote the economic development of certain industries and regions, the relevant departments may subsidize the loan interest. Loans subsidized by relevant departments shall be independently examined and issued by the undertaking bank, and strictly managed in accordance with the relevant provisions of the General Rules for Loans.

Refer to the above? Baidu encyclopedia-loan interest rate