The interest rate of 80 thousand loan is 7.9, how to calculate it? - Loan Platform Complete Network

The interest rate of 80 thousand loan is 7.9, how to calculate it?

7.9% should be

annual interest rate

According to this calculation:

One-day interest, 80000×7.9%÷365= 17.32 (yuan);

The interest in the first quarter is 80000× 7.9% ÷12× 3 =1580 (yuan).

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