It is not high compared with the maximum loan interest rate.

The highest nationally recognized loan interest rate is an annual interest rate of 24. If calculated based on an annual interest rate of 24, for a loan of 8,000 yuan, the principal and interest for one month is 8,000x(1 24)/12=826.7 yuan, of which the interest is 826.7-(8000/12)=160 yuan. One year’s interest is 160 times 12 which equals 1920 yuan. 1600 yuan is within the maximum limit and is acceptable.

According to the "Regulations of the Supreme People's Court on Several Issues Concerning the Application of Law in the Trial of Private Lending Cases" Article 25 If the lender requests the borrower to pay interest according to the interest rate agreed in the contract, the People's Court shall support it, but both parties Except for the agreed interest rate exceeding four times the one-year loan market quote rate at the time the contract is established.