The interest rate of commercial loans is generally high, which is about 10% higher than the benchmark interest rate. According to the latest benchmark interest rate, the commercial loan interest rate is 4.65%. The interest rate of provident fund loans is relatively low. According to the latest benchmark interest rate, the interest rate of provident fund loans is 3.25%.
Total commercial loan interest = commercial loan amount × commercial loan interest rate × loan term.
Total interest of provident fund loan = amount of provident fund loan × interest rate of provident fund loan × loan term.
The total interest on commercial loans is 423,000 yuan, and the total interest on provident fund loans is 62,000 yuan. Therefore, the total interest of the two loans is 485,000.
Total repayment amount = commercial loan amount+commercial loan total interest+provident fund loan total interest.
The repayment period is 20 years, calculated according to the repayment method of equal principal and interest:
Monthly repayment amount = (loan principal × monthly interest rate ×( 1+ monthly interest rate) repayment months) /(( 1+ monthly interest rate) repayment months-1)
Substituting the above formula, the monthly repayment amount of commercial loans is about 28,000, and the monthly repayment amount of provident fund loans is about 9,000. The two add up to about 37 thousand/month.
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I hope the above answers can solve your problem.