Loan is a form of credit activity in which banks or other financial institutions lend monetary funds at a certain interest rate and must return them. Loans in a broad sense refer to loans, discounts, overdrafts and other borrowing funds. Banks put concentrated money and monetary funds out through loans, which can meet the needs of social expansion and reproduction and promote economic development; At the same time, banks can also obtain loan interest income and increase their own accumulation.

The interest rate is 7%, which should be 7% per year and 7% per month/12.

One year:

Monthly repayment of 46,5438+0 years (65,438+02 months):

40000 * 7%/ 12 * ( 1+7%/ 12) 12/[( 1+7%/ 12) 12-

Description: 12 is the power of 12.

Two years:

Monthly repayment amount is 40,000 years (24 months):

40000 * 7%/ 12 * ( 1+7%/ 12) 24/[( 1+7%/ 12) 24- 1] = 65438.

Explanation: 24 is the 24th power.