The basic calculation formula of savings deposit interest is: interest = principal × deposit term × interest rate.

2. Interest rate conversion

The conversion relationship among annual interest rate, monthly interest rate and daily interest rate is:

Annual interest rate = monthly interest rate × 12 (month) = daily interest rate ×360 (days);

Monthly interest rate = annual interest rate ÷ 12 (month) = daily interest rate ×30 (days);

Daily interest rate = annual interest rate ÷360 (days) = monthly interest rate ÷30 (days)

Pay attention to the consistency with the deposit period when using interest rates.

Extended data:

Interest refers to the reward that the currency holder (creditor) gets from the borrower (debtor) for lending money or monetary capital. Including deposit interest, loan interest and interest generated by various bonds. Under the capitalist system, the source of interest is the surplus value created by hired workers. The essence of interest is a special transformation form of surplus value and a part of profit.

References:

Interest-Baidu Encyclopedia