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A provident fund loan of RMB 100,000 is to be repaid in 10 years. How much should be paid each month? How much is the interest? How is interest calculated?

After adjustment on April 6, the interest rate for provident fund loans for more than five years is 4.70, and the monthly interest rate is 4.70/12

100,000, 10 years (120 months), monthly repayment amount:

100000*4.70/12*(1 4.70/12)^120/[(1 4.70/12)^120-1]=1046.05 yuan

Total interest: 1046.05*120 -100000=25526

Explanation: ^120 is 120th power

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