The daily interest rate is 0.03%, that is, the daily interest is calculated at three ten thousandths of the loan principal. The daily interest rate of 0.03% is 30*0.03%=0.9%, and the annual interest rate is 0.9%* 12= 10.8%. Suppose the loan is 10000 yuan, and substitute it into the formula: annual interest = principal * annual interest rate, and annual interest is10000 *10.8% =1080 yuan.

Conversion of daily interest rate and annual interest rate

1. How to convert the daily interest rate and the annual interest rate? You must master these three formulas!

Conversion between annual interest rate and daily interest rate: there are 365 days in a year. In order to calculate the interest rate conveniently, the direct conversion multiple is 360 times, so the annual interest rate = daily interest rate *360. For example, the agreed annual interest rate is 6.66%, then the daily interest rate is 6.66%÷360= 1.85.

Conversion between monthly interest rate and daily interest rate: a month is usually calculated as 30 days, so it can be concluded that monthly interest rate = daily interest rate *30, for example, the agreed monthly interest rate is 5.55‰, which translates into daily interest rate of 5.55 ‰- 30 = 1.85.

Conversion between annual interest rate and monthly interest rate: there are 12 months in a year, so obviously, annual interest rate = monthly interest rate * 12. For example, the agreed annual interest rate is 6.66%, so the monthly interest rate is 6.66%÷ 12=5.55‰.

Second, how to calculate the interest rate of bank loans in overdue loans?

When Xiao Liu applied for a loan, the loan contract signed with the bank stipulated that the annual interest rate was 6%. At present, Xiao Liu has a loan of 5,000 yuan, which cannot be repaid in time, so the interest rate of Xiao Liu's overdue loan is calculated as follows:

1. If 30% penalty interest rate is added to the basic interest rate (6%), the annual penalty interest rate is 6% x (1+30%) = 7.8%, and the daily penalty interest rate is 7.8% ÷360 (days) = 0.021. Then the lender who is overdue for one month will accept a penalty interest of about 32.5 yuan.

2. If 50% penalty interest is added to the basic interest rate (6%), the annual penalty interest rate is 6% x (1+50%) = 9%, and the daily penalty interest rate is 9% ÷360 (days) = 0.025%. If the monthly repayment amount is still 5000 yuan, the repayment is overdue.

How to convert the daily interest rate and the annual interest rate?

The benchmark interest rate announced by the People's Bank of China (the central bank) is based on the annual interest rate, which is calculated on an annual basis. However, daily interest rate and monthly interest rate are commonly used in daily life, so the conversion between annual interest rate and daily interest rate and monthly interest rate is as follows:

1, annual interest rate is converted into monthly interest rate: monthly interest rate = annual interest rate/12;

For example, the annual interest rate is 3.25%, which translates into a monthly interest rate of 3.25%/ 12=2.7 1‰.

2. The annual interest rate is converted into daily interest rate: daily interest rate = annual interest rate/360;

For example, the annual interest rate is 3.25%, which translates into a daily interest rate of 3.25%/360=0.09‰.

3. Monthly interest rate is converted into daily interest rate, and daily interest rate = monthly interest rate /30.

To sum up: daily interest rate = annual interest rate /360= monthly interest rate /30.

Extended data:

The annual interest rate refers to the deposit interest rate for one year. The so-called interest rate is the abbreviation of "interest rate", which refers to the ratio of interest amount to deposit principal or loan principal in a certain period of time. Usually divided into annual interest rate, monthly interest rate and daily interest rate. The annual interest rate is expressed as a percentage of the principal, the monthly interest rate as a percentage, and the daily interest rate as a percentage.

When the economic development is in the growth stage, the investment opportunities of banks increase, the demand in loanable funds increases and the interest rate rises; On the other hand, when the economic development is depressed and the society is in a depression period, the willingness of banks to invest decreases, the demand for loanable funds naturally decreases, and the market interest rate is generally low.

Daily rate, also known as daily rate or daily rate. Refers to the ratio of the single-day interest amount of deposits and loans to the amount of borrowing money. The daily interest rate is the interest calculated on a daily basis, expressed as a few ten thousandths of the principal, usually called a few cents a day. If the daily interest rate is 1%, that is, the principal is 1 yuan and the daily interest rate is 1%. (1% =0.00 1 yuan, 10 cents =0.000 1 yuan).

References:

Baidu encyclopedia-daily interest rate Baidu encyclopedia-annual interest rate