Calculated according to the equal principal and interest repayment method: the method of converting the annual interest rate into the monthly interest rate is: monthly interest rate = annual interest rate ÷ 12. So the annual interest rate of 3.7% is converted into a monthly interest rate of 0.37%12 = 0.00305625. Calculate the monthly payment according to the formula: monthly payment = loan principal × monthly interest rate ×( 1+ interest rate )× repayment months-loan principal × monthly interest rate, and get: monthly payment =1000000× 0.00305625× (1.00305625). The calculation result is probably: monthly payment =27222.22 yuan.