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How to calculate the half-year interest rate for a loan of 120,000 yuan with monthly repayments of 20,140?

Loan interest calculation method:

Interest = total repayment - principal = 20140 × 6-120000 = 840 yuan.

Loan interest rate calculation method:

Interest rate = interest/principal/time=840/120000/0.5=1.4%

The monthly loan interest rate is:< /p>

Monthly interest rate = monthly interest/principal = 140/120000 = 0.12%

Equivalent to interest of 1.2 cents.

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