The benchmark interest rate for loans issued by the People's Bank of China is for commercial banks' reference only. At present, the benchmark interest rate of one-to five-year loans is 5.25%, and the execution interest rate of commercial banks' loans generally rises by a few percent on the basis of the benchmark interest rate.
Interest rates are uniformly set by the central bank and implemented by commercial banks.
Deposit interest = principal * interest rate * term (note that the interest rate announced by the central bank is in years, and if it is deposited for half a year or in current account, it should be converted into monthly interest rate and daily interest rate).
The calculation of loan interest is more complicated: if it is paid off in one lump sum at maturity, it is the same as the calculation of deposit interest above.
At present, the most talked about calculation of mortgage interest is to use the annuity formula to calculate the monthly payment. The calculation formula of monthly mortgage payment is:
A = p {I (1+I) n/[(1+I) n-1]} a: monthly contribution p: total contribution.
I: monthly interest rate (annual interest rate/12)
N: Total months of contribution (year × 12)
For example, if you buy a 500,000 house, the first three transactions will be 654.38+0.5 million, and 350,000 will be provided in 20 years. Suppose (pay attention to the actual interest rates of banks) that the annual interest rate I = 5.4%, (I = 5.4%/654.38+0.2 = 0.45%).
Extended data:
(1) 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.
2. Monthly interest rate (‰) = annual interest rate (%)÷ 12.
(two) banks can use the product interest method and the transaction interest method to calculate interest.
1. Accumulate the account balance daily according to the actual number of days, and multiply the accumulated product by the daily interest rate to calculate the interest. The interest-bearing formula is:
Interest = cumulative interest-bearing product × daily interest rate, where cumulative interest-bearing product = total daily balance.
2. Transaction-by-transaction interest calculation method calculates interest one by one according to the preset interest calculation formula: interest = principal × interest rate × loan term, with three details:
If the interest-bearing period is a whole year (month), the interest-bearing formula is:
① Interest = principal × year (month )× year (month) interest rate
If the interest-bearing period is a whole year (month) and days, the interest-bearing formula is:
② Interest = principal × annual (monthly) × annual (monthly) interest rate+principal × odd days × daily interest rate.
At the same time, banks can choose to convert the interest period into actual days to calculate interest, that is, 365 days per year (366 days in leap years), and each month is the actual number of days in the Gregorian calendar of the current month.
Baidu encyclopedia-loan interest rate