In the formula, monthly interest rate = annual interest rate divided by 12, which is the power. For example, if the annual interest rate is 7.05% and the loan amount and time are the same as yours, then the monthly interest rate = 7.05%/ 12 = 0.5875%, and the monthly payment = [0.5875% *1.005875 360 * 200000]/[654300].
Special note: If the loan contract does not stipulate a fixed interest rate (in general), the monthly payment will change every year. After the benchmark interest rate stipulated by the People's Bank of China changes, the annual interest rate for repayment of loans in the following year shall be subject to the annual interest rate after the last change.