Under normal circumstances, 6% interest refers to the monthly interest, which is 0.6% interest, so the annual interest is 0.6% × 12 = 7.2%. According to this interest rate, if you borrow 10,000 yuan, one month’s interest is 10,000 × 0.6% = 60 yuan, and one year’s interest is 10,000 × 7.2% = 720 yuan.

Applying for a loan is a very common thing for contemporary young people. But before applying for a loan, everyone must consider the interest issue, go through formal channels, and use the loan within their own ability.

Interest refers to the remuneration received by the owner of the capital for lending the capital. It comes from a part of the profit generated by the producer using the capital to perform operational functions.

Interest is one of the manifestations of the time value of funds. From its form, it is the reward that currency owners receive from borrowers for issuing monetary funds.

As the use price of funds, interest plays a very important role in the operation of the market economy, mainly in the following aspects:

The function of influencing corporate behavior

< p>Interest, as the capital occupation cost of enterprises, has directly affected the level of economic benefits of enterprises. In order to reduce costs and improve efficiency, enterprises must do everything possible to reduce the amount of funds occupied, and at the same time conduct cost comparisons of various fund-raising methods during the financing process. If enterprises in the whole society regard saving on interest expenses as a common behavior pattern, then the efficiency of economic growth will definitely be improved.

Function that affects residents’ asset selection behavior

Under the conditions that the actual income level of Chinese residents continues to increase and the savings ratio is increasing, asset selection behavior has emerged, and the increase in financial instruments has Residents' asset selection behavior provides an objective basis, and interest income is the main incentive for residents' asset selection behavior. The residential sector attaches great importance to interest income and spontaneously generates asset selection behavior, which has an impact that cannot be ignored, both on macroeconomic regulation and on the restructuring of micro-foundation. Judging from the current situation in China, the high savings rate has become a major feature of the Chinese economy, which provides a solid financial foundation for rapid economic growth, and the various asset selection behaviors made by residents under the inducement of interest income have also contributed to the realization of various Macroeconomic control has made a contribution.

The function of influencing government behavior

Since interest income is closely related to the economic interests of the deficit and surplus sectors of the whole society, the government can also use it as an important economic lever to influence the economy. Run implementation adjustments. For example: If the central bank takes measures to lower interest rates, more money will flow to the capital market; when it raises interest rates, money will flow out of the capital market. If the government uses credit means to raise funds, it can issue government bonds at a higher interest rate than bank deposits of the same term, absorbing private monetary funds into the government's hands for various fiscal expenditures.

The amount of interest depends on three factors: principal, deposit period and interest rate level.

The calculation formula for interest is: Interest = Principal X Interest Rate X Deposit Term.