3% and 7 cents (expressed as 3.7‰) is the monthly interest rate, which translates into an annual interest rate of 4.44%(3.7 * 12 = 4.44%). If you borrow 200,000 yuan for 20 years, according to the above interest rate, your monthly repayment amount is 1258.83 yuan, and the total repayment amount is 302 1 19.30 yuan, of which the interest is 102 19.30 yuan.

The daily interest rate is widely used in large enterprises, banks, securities companies or other non-financial institutions for large short-term financing. Because the amount of funds related to these institutions is particularly large, even if the daily interest rate is relatively low, the base is large and the calculated daily interest rate is huge, which can not be ignored in financial processing.