computing formula
The calculation formula of loan interest is: principal × interest rate = interest.
Convert the annual interest rate into the monthly interest rate.
The method of converting annual interest rate into monthly interest rate is: annual interest rate ÷ 12= monthly interest rate. For example, 8%/ 12 is to convert the annual interest rate into the monthly interest rate.
Calculate loan interest
Take the loan amount of 600,000 yuan and the annual interest rate of 8% as an example. The calculation method of loan interest is: 600,000× (8%)/12 (= 4,000 yuan).