It was used for loans in rural credit cooperatives more than ten years ago. As long as it is a small loan of less than 50,000 yuan, I will repay the principal and interest in one lump sum at an annual interest rate of 12%, commonly known as one-point interest. That is to say, you borrow 10000 yuan and pay it back to 1 1200 yuan one year later, where 10000 is the principal and 1200 is the interest, and the actual annual interest rate is 12%.
It's not easy to calculate the annual interest rate of a monthly loan with principal and interest paid, because you only spent one year on the loan principal112, and the first repayment was only one month. The monthly repayment of principal and interest is very bad. It seems that the interest rate is not high, but the future repayment will be dumbfounded. It is generally easier to repay in the first month, because there are still loans that have not been used up, and it is more difficult to repay every month in the future. There is always a feeling of getting deeper and deeper.
Let's try to make money. The living expenses should not exceed the income from work. It is best not to borrow money in life, so that those who make money by borrowing will never drink our blood again.