1, average capital
Average capital means that during the repayment period, the total loan amount is divided into equal parts, and the interest generated by the monthly repayment of fixed principal and residual principal is reduced month by month. The calculation formula is: monthly repayment amount = (loan principal ÷ repayment months)+(loan principal-accumulated amount of repaid principal) × monthly interest rate (monthly interest rate = annual interest rate/12); Monthly interest = monthly repayment amount-monthly repayment principal. According to the known conditions and formulas, the total interest can be calculated as 3520.84.
2. Equal principal and interest
Matching principal and interest refers to the repayment of the same amount of loans every month (the sum of monthly principal and interest remains unchanged), and its inherent performance is that the proportion of principal in monthly repayment increases month by month and the proportion of interest decreases month by month. The calculation formula is: monthly repayment amount = loan principal × [monthly interest rate× (1+monthly interest rate) repayment months ]{[( 1+ monthly interest rate) repayment months]-1}; Total loan interest = monthly repayment amount × loan term (month)-total loan amount. From this calculation, the total interest is 3555.7 yuan.
3. Equal benefits
Matching interest means that the principal and interest in the monthly repayment amount remain unchanged, that is, the total loan amount and the total loan interest are divided equally in each repayment month, and the monthly interest is calculated according to the total loan amount. If repayment is made in this way, the actual annual interest rate will often be 1.2- 1.4 times higher than its own loan interest rate. The calculation formula is: total loan interest = total loan × monthly loan interest rate × loan term (month). Therefore, the interest totals 6500 yuan.
4. Interest before capital
The interest before the principal is generally used for one-year short-term loans. In this way, only the interest will be paid every month in the early stage, and the loan principal and the last interest will be settled at the end of the loan. The calculation formula is: total loan interest = total loan × monthly interest rate × loan term (month). Therefore, the interest totals 6500 yuan.
Of course, there are many repayment methods in actual lending activities, but most of them are changed or combined in the above forms. Mastering these calculation formulas is enough to deal with most lending scenarios.