1. Calculation of interest on private loans-product interest method: accumulate the daily loan balance according to the actual number of days, and multiply the accumulated products by the daily interest rate to calculate interest. The interest-bearing formula is: interest = accumulated interest-bearing products × daily interest rate, where accumulated interest-bearing products = total daily balance. The product interest method is mainly used to calculate the interest of deposits and loans with frequent principal changes, such as demand deposits.
2. Calculation of private lending interest-calculation method of transaction interest: calculate interest one by one according to the determined principal and agreed interest rate and the interest calculation formula. The transaction interest method is generally used to calculate the interest of deposits and loans with relatively fixed principal. Such as time deposits.