If the loan interest rate is 9% per month, then:

Principal 40000X9 ‰X 12 (month) =4320.

If the loan is 40,000 yuan, 1 year, the bank interest is 4,320 yuan.

Interest calculation

The interest rate conversion formula for RMB business is (note: common for deposits and loans):

1. daily interest rate (0/000)= annual interest rate (%)÷360= monthly interest rate (‰)÷30.

loan rate

Loan interest rate (7 sheets)

2. Monthly interest rate (‰) = annual interest rate (%)÷ 12