1. What is the formula for calculating principal and interest?
Equal principal and interest repayment method: repay the principal and interest of the loan in the same amount every month, with the interest decreasing month by month and the principal increasing month by month.
Equal principal repayment method: repay the principal in the same amount every month. As the principal decreases, the monthly interest also decreases month by month, and the monthly repayment amount also decreases accordingly.
Equated principal and interest calculation formula: [Loan principal × monthly interest rate Formula: Monthly repayment amount = (loan principal/number of repayment months) (principal - cumulative amount of repaid principal) × monthly interest rate, where the ＾ symbol represents the exponent.
As an example, assume that the first loan to buy a house is 200,000 yuan, and the loan is 20 years. Compare the differences between the two loan methods: equal principal and interest repayment method 200,000 yuan, 20-year interest rate discount, 15-month repayment 1325.33 The total repayment is 318,100 yuan, the interest is 118,100 yuan, the equal principal repayment method is 200,000 yuan, the 20-year interest rate is reduced by 15, the first month's repayment is 1,674.83, the monthly decrease is 3.51, the total repayment is 301,400 yuan, the interest is 101,400 yuan
2. What is the formula for calculating bank principal and interest?
The calculation method of principal and interest: sum of principal and interest = principal × annual interest rate × time.
When borrowing, the calculation methods of the two loan methods of equal principal and equal principal and interest that we often use are:
Equal principal calculation formula: monthly repayment amount = (Loan principal ÷ number of repayment months) (Principal - Cumulative amount of repaid principal) × monthly interest rate;
Equal principal and interest calculation formula: Monthly repayment amount = Loan principal Interest rate × (1-month interest rate)^number of repayment months]/{[(1-month interest rate)^number of repayment months]-1}.
3. What is the formula for calculating equal amounts of principal and interest?
Equated principal and interest calculation formula: [Loan principal × monthly interest rate × (1-month interest rate) ^ number of repayment months] ÷ [(1-month interest rate) ^ number of repayment months - 1]
Equal installment principal calculation formula: monthly repayment amount = principal - cumulative amount of repaid principal) × monthly interest rate
Equal installment principal and interest refers to a loan repayment method. Equal principal and interest payments are equal monthly repayments of the loan (including principal and interest) during the repayment period.
Extended information
The equal principal and interest repayment method means that the borrower repays the loan principal and interest in equal amounts every month. The monthly loan interest is calculated based on the remaining loan principal at the beginning of the month and is calculated monthly. pay off. This repayment method makes it easier for borrowers to reasonably arrange their monthly life and manage their finances (for example, for those who rely on rental income and are good at "making money with money"
Examples
Suppose that 1. You have a bank loan for 10 years and the base interest rate is 6.65. Compare the differences between the two loan methods:
Equal principal and interest
Monthly interest rate = annual interest rate ÷ 12 =0.0665÷12=0.005541667
Monthly repayment 0.005541667×(10.005541667)^120〕÷〔(10.005541667)^120-1]=114.3127 yuan
The total repayment is 13717.52 yuan
p>Total interest 3717
Equal principal repayment method:
Monthly repayment amount = (loan principal ÷ number of repayment months) (principal - has The accumulated amount of principal repaid)×monthly interest rate
=(10000÷120)(100 accumulated amount)×0.005
The first month’s repayment is 138.75 yuan per month
Total repayment is 13352.71 yuan
Interest is 3352.71 yuan