There are usually three loan repayment methods: one-time principal and interest, equal principal and interest, and average capital. For the loan repayment of 20,000 yuan, the amount is not high, and the key points are convenience, quickness and low cost. Next, Card Baby Bian Xiao will calculate how much the loan of 20,000 yuan should be repaid every month in three ways.

Method 1: repay the principal and interest in one lump sum.

Short-term loans with mortgage can usually repay the principal and interest in one lump sum, that is, the principal and interest will be repaid when the loan expires, without monthly repayment. Interest is calculated according to loan amount * loan interest rate * loan term. In this case, the loan interest =20000*6%* 1= 1200 yuan. That is, the principal and interest shall be paid 2 1.200 yuan when due, and the interest shall be paid off together with the principal.

Short-term mortgage loans can also be repaid in one lump sum. In this case, the loan needs to repay the interest of 65,438+000 yuan per month and the principal of 20,000 yuan at maturity.

Option 2: Equal principal and interest

Credit loans and medium-and long-term mortgage loans usually adopt the method of equal principal and interest repayment, that is, the borrower needs to repay part of the principal and interest every month, and the total monthly repayment amount is equal. The monthly repayment amount of this loan is 172 1.33 yuan, and the total interest for one year is 655.94 yuan.

Repayment method 3: average capital.

Average capital is also one of the common installment repayment methods, that is, the borrower needs to repay average capital and current interest every month. Calculated by the equivalent principal repayment calculator, the average principal repayment of this loan in the first month is 65,438+0,766.67 yuan, and the total interest for one year is 650 yuan.