One point means that you have to charge a penny interest when you borrow a dollar. 1%.
However, the statement of one-point interest is not very accurate, because it is more accurate without adding the term and time of the loan, and after adding the term.
For example, if you borrow for one year, the interest will be one point a year, or if you borrow for one month, the interest will be one point a month, or if you borrow for one day, the interest will be one point a day.
Moreover, the time limit is different, and the meaning expressed is also very different.
For example, Lao Wang borrowed a loan of 10 thousand yuan.
If the annual interest of this loan is one point, that is, 1%, then the annual interest of this ten thousand yuan is 100 yuan;
If the interest on this loan is one cent per month, that is, 10‰, then the annual interest rate is10 ‰ (1%) ×12 =12%, and the interest on Lao Wang's loan for eleven thousand years is 1200 yuan.
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Money is not everything, but you can't do anything without it. As the saying goes, you get what you pay for. Many people choose to borrow money when they are short of money. However, because it is the first loan, I don't quite understand how the loan interest rate is calculated.
Next, I will give you a brief introduction to how to calculate the loan interest rate. There are three kinds of interest rates: annual interest rate, monthly interest rate and daily interest rate.
Let's start with the daily interest rate. The daily interest rate is calculated on a daily basis, which is called a few ten thousandths. We often hear such a word: daily interest rate is 0.05%, daily interest rate is 0.02%, and so on. In fact, it is to borrow 10 thousand yuan, and the interest is 5 yuan or 2 yuan a day. If you use a credit card to withdraw cash, the daily interest rate is 0.05%, that is to say, the daily interest rate for withdrawing cash with a credit card is also 50,000 yuan. If you borrow 1 10,000 yuan, you will get 5 yuan every day.
Knowing the daily interest rate, how do you know the monthly interest rate and annual interest rate?
The formula for converting daily interest rate into monthly interest rate and annual interest rate: monthly interest rate = daily interest rate × 30; Annual interest rate = daily interest rate ×360 Let's talk about the monthly interest rate. The monthly interest rate is calculated on a monthly basis and expressed in thousandths. The monthly interest rate is eight thousandths, which means that if we borrow one thousand dollars, the interest generated in one month is 8 yuan. The calculation formula for converting monthly interest rate into daily interest rate and annual interest rate is as follows: daily interest rate = monthly interest rate ÷ 30; Annual interest rate = monthly interest rate × 12
Finally, talk about the annual interest rate.
Annual interest rate: the annual interest rate refers to the interest calculated on an annual basis. Generally speaking, the annual interest rate is expressed as a percentage. For example, the annual interest rate is 10%, which means that if you borrow 100 yuan, the annual interest will be 10 yuan. The calculation formula for converting annual interest rate into monthly interest rate and daily interest rate: daily interest rate = annual interest rate ÷ 360; Monthly interest rate = annual interest rate12