According to the formula: monthly interest rate = daily interest rate *30.

Substituting the data in the question, the monthly interest rate =0.05%*30= 1.5%.

According to the formula: interest = principal * monthly interest rate * loan term.

Substituting the data in the question, we can get the formula:

2000* 1.5%*20=600 (yuan)

That is, if you borrow 2000 yuan, the interest for 20 months will be 600 yuan.

Extended data:

Matters needing attention in loan repayment

1, demanding timely repayment.

In private lending, IOUs are often made. IOU is a simplified loan contract with legal effect. It should also be noted that if the other party still fails to repay the loan by the repayment time, it should claim the creditor's right in time, otherwise it will expire after more than 2 years, and it will be impossible to recover the debt after suing the court.

Step 2 avoid penalty interest

For borrowers, before the agreed repayment date every month, they should pay attention to whether there are enough funds in their repayment accounts to avoid being punished by the bank for their negligence, and never lose money because of their negligence, and at the same time leave a bad credit record in the bank.

Don't forget to find the bank around you if you have difficulty in repaying the loan.

Don't insist on it yourself when your solvency drops during the loan period and it is difficult to repay. ICBC customers can apply to ICBC for extending the loan term. According to our investigation, if there is no default in loan principal and interest, we will accept your application for extension.