The interest rate on this loan is very low. Users who can get this interest rate loan are usually high-quality customers recognized by financial institutions. For example, if the loan is 10000 yuan and the loan term is one year, then the interest on this loan is 456 yuan. Therefore, when applying for a loan, if the loan product gives a daily interest rate or a monthly interest rate, the user must convert the annual interest rate to know whether the loan interest rate is legal.
Monthly repayment amount = [loan principal × monthly interest rate ×( 1+ monthly interest rate) repayment months ]/[( 1+ monthly interest rate) Calculation principle: the bank collects the rest from the monthly contribution.