Shanghai Finance Company has a three-year loan of10.5 million, with a down payment of 30% for buying a car. The 4 S shop said that the interest rate was 7.9%, but the annual interest rate written in the loan contract was 1.4%. Is this a trap? If the total vehicle price is 1.5 million and the annualized interest rate is 1.4%, the monthly payment is 5 1.26 yuan, and the total repayment amount is 36 installments (3 years ×65438+2 months). The actual figure estimates that your total price should not be exactly 150000 yuan, so there should be a slight difference.

The specific calculation method is the loan amortization method of equal repayment, and the specific formula is quite complicated.

As for 7.9%, you have to ask whether this figure is annualized or monthly, whether it is compound interest calculation or simple interest calculation. You'd better ask the other party's calculation formula.