Use a useful installment loan of 3800 yuan, and repay 366 ***24 installments every month, with a total repayment of 8784. Is this interest rate too high?
Principal: 3,800 yuan. According to the equal principal and interest method, after calculation, the monthly payment is 366 yuan; The monthly interest rate is 8.168%; The annual interest rate is 98.02%, that is, 9 points, with an annual interest rate of 8%. This is a usury that is more than four times higher than that of the bank. The total interest to be repaid is: 4984.