First, if the other party is a formal financial institution, it is calculated according to the repayment method of "equal principal and interest".
Formula: loan amount = monthly repayment amount *[ 1-( 1+ monthly interest rate)-repayment months]/monthly interest rate.
1210/kloc-0 = 3353 * [1-(1+monthly interest rate) -60]/ monthly interest rate.
Monthly interest rate = 1.84645%
Annual interest rate =22. 15736%
Two, if the other party is not a formal financial institution, it can be calculated according to the usual way of private lending.
Formula: annual interest rate = (monthly repayment amount * repayment months-loan amount)/loan period/loan amount * 100%?
Annual interest rate = (3353 * 60-1210/0)/5/1210%.
Annual interest rate = 13.25%
result
If calculated by "equal principal and interest", the annual interest rate of this loan should be 22. 15736%, so the interest rate is very high? ; If calculated according to the usual method of private lending, the annual interest rate is 13.25%, and the annual interest rate is lower than 24%, which is within a reasonable range. ?
Try to get a loan from the bank if possible. The interest rate of non-financial institutions is often very high, and borrowers are easy to suffer.