Centimeter is the unit of interest rate. For the annual profit, one percent is one percent, and for the monthly profit, one percent is one thousandth.
The amount of interest depends on three factors: principal, deposit period and interest rate level.
The calculation formula of interest is: interest = principal x interest rate x deposit term.
For the annual interest rate, one percent is one percent.
For monthly interest, one percent is one thousandth.
For the daily interest rate, 1% is 1/10000.
One percent is one tenth of a cent, and the interest is calculated on a monthly basis at one thousandth of the loan amount. If the borrower borrows 1 ten thousand yuan, then the interest for one month is 10 yuan.
In private lending, borrowers and borrowers often agree on loan interest in the form of "a few cents" or "a few cents", usually referring to monthly interest.
For example, the annual interest rate of 1% is 1%, the monthly interest rate of 1% is 0. 1%, and the daily interest rate of 1% is 0.0 1%. Banks generally use annual interest rates, which are converted into monthly interest rates and daily interest rates according to specific purposes.