For example:

The current bank interest rate is 6 cents, or 6%.

The loan is 654.38+0 million.

The annual interest is: 654.38+00,000 * 6% = 60,000 (total interest for one year).

The monthly interest is: 60,000 yuan/12 = 5,000 yuan (monthly interest paid).

Monthly interest rate: 5000/ 1 ten thousand =5‰, or 6%/ 12=5‰ (monthly interest rate).

When it comes to monthly interest, we usually say the word "fen". As mentioned above, the monthly interest rate is 5 points.

The annual interest rate is described by "points", such as 6 points above.

When the interest rate is calculated by the day, it becomes "Li". You should know how to calculate it.