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The interest on a loan of 5 million is 3.85, how much is the monthly repayment?

You need to repay 425,406.93 yuan every month. To calculate a loan of 5 million, how much monthly repayment is required at an annual interest rate of 3.85. Assume that the total loan amount is P (principal), and the monthly repayment amount is set to M. Calculate your monthly payment using the equal principal and interest method, a common calculation method. The formula of monthly payment M is: M=P×r (1-(1 r)^(-n)) Here, r is the monthly interest rate (annual interest rate 12), and n is the total number of months (number of years × 12). It can be seen from the question conditions that P=5000000, the annual interest rate is 3.85 (converted to decimal form is 0.0385), and the loan period defaults to 1 year. Substitute it into the formula for calculation. You need to repay 425,406.93 yuan every month.