The following is an example of calculating the current one-year loan annual interest rate of 5.31 (monthly interest rate: 5.31/12=0.4425) for a loan of 60,000 yuan from the bank for one year (12 months) to describe the different calculation methods in detail. , how to calculate loan interest:

1. One-time repayment of principal and interest, total principal and interest:

60000*(1 0.4425)^12=63264.69 yuan

2. Installment repayment. Equal principal and interest repayment. Equal principal and interest repayment means that the repayment amount in each period (every month) is the same. The calculation is as follows:

60,000, 1 year (12 months) ), monthly repayment amount: [60000*0.4425*(1 0.4425)^12]/[(1 0.4425)^12-1]=5144.98 yuan

Total repayment amount: 5144.98*12=61739.76 yuan

(Note: ^12 is the 12th power)

3. Installment repayment, equal principal repayment is repayment without interest, which is the kind that becomes less and less. The principal repayment is the same every month, and the interest is decreasing.

60,000, the monthly principal repayment is the same for 1 year (12 periods): 60,000/12=5,000 yuan

First Monthly repayment = first month’s principal, first month’s interest:

Repayment amount: 5000 60000*0.4225=5253.50

Second month’s repayment: 5000 (60000 -5000)*0.4225=5232.38

Third month repayment: 5000 (60000-5000*2)*0.4225=5211.25

And so on

No. N monthly repayment: 5000 [60000-5000*(N-1)]*0.4225

***Interest amount: 61725.75

The calculation results are as follows:

January, 5265.5 (yuan)

February, 5243.38 (yuan)

March, 5221.25 (yuan)

April, 5199.13 ( Yuan)

May, 5177 (yuan)

June, 5154.88 (yuan)

July, 5132.75 (yuan)

August, 5110.63 (yuan)

September, 5088.5 (yuan)

October, 5066.38 (yuan)

November, 5044.25 (yuan)

In December, 5022.13 (yuan)

Three major factors that determine loan interest:

Loan amount, loan term, loan interest rate

Loan interest = loan amount * loan interest rate * loan term = loan amount * loan interest rate * loan term = loan amount * number of days * daily interest rate = loan amount * number of months * monthly interest rate = loan amount * year * annual interest rate

Number of loan days = month*30 days (for example, January 1st to May 24th is 4*30 24=144 days)

Daily interest rate = annual interest rate/360

Monthly interest rate = annual interest rate/12