The calculation process is as follows:
According to the question, the loan principal is 300,000, which means 300,000.
Loan term 10 year, with interest of 6%, i.e. 0.06%.
According to the formula, interest = principal * interest rate * time
The amount substituted in the question is 300000 * 0.06% *10 =1800 (yuan).
That is, the total interest of the loan of 300,000 yuan for ten years is 1.800 yuan.
Then the total principal and interest for ten years is 300,000+1.800 = 30 1.800 (yuan).
When buying a house with an average capital loan, the formula for calculating the monthly repayment amount is:
Monthly repayment amount = monthly principal+monthly principal and interest
Monthly principal = principal/repayment months
Monthly principal and interest = (principal-total accumulated repayment) x monthly interest rate
Calculation principle of average capital interest rate: the amount of principal returned every month is always the same, and interest will decrease with the decrease of remaining principal.
Extended data:
Basic knowledge of mortgage interest calculation;
I. The interest rate conversion formula for RMB business is (note: general deposits and loans)
1, daily interest rate (0/000)= annual interest rate (%)÷360= monthly interest rate (‰)÷30.
2. Monthly interest rate (‰) = annual interest rate (%)÷ 12.
Two, banks can use product interest method and transaction interest method to calculate interest.
1. Accumulate the account balance daily according to the actual number of days, and multiply the accumulated product by the daily interest rate to calculate the interest.
The interest-bearing formula is: interest = accumulated interest-bearing products × daily interest rate, where accumulated interest-bearing products = total daily balance.
2. Transaction-by-transaction interest calculation method calculates interest one by one according to the preset interest calculation formula: interest = principal × interest rate × loan term.
3. If the interest period is a whole year (month), the interest formula is:
Interest = principal × year (month )× year (month) interest rate
4. If the interest-bearing period is a whole year (month) and days, the interest-bearing formula is:
Interest = principal × year (month )× year (month) interest rate+principal × odd days × daily interest rate.
5. Banks can choose to convert the interest period into actual days to calculate interest, that is, 365 days per year (366 days in leap years), and each month is the actual number of days in the Gregorian calendar of the current month. The interest-bearing formula is:
Interest = principal × actual days × daily interest rate
These three formulas are essentially the same, but because the interest rate conversion is only 360 days a year, when calculating the actual daily interest rate, it will be calculated as 365 days a year, and the result will be slightly biased. Which formula is used specifically, the central bank gives financial institutions the right to choose independently. Therefore, the parties and financial institutions can agree on this in the contract.
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