If it is annual interest, one-point interest refers to the interest of one yuan per year 1 minute, and the annual interest is10000x0.01=100 yuan. 50 yuan for half a year. Banks generally say that the annual interest rate 1% is too low. If the monthly interest rate is 1%, it is probably 12%.
Loan interest refers to the reward that the lender gets from the borrower for issuing monetary funds, and it is also the price that the borrower must pay for using the funds.
Bank loan interest rate refers to the ratio of interest amount to principal amount during the loan period. The interest rate of loan contracts with banks and other financial institutions as lenders can only be determined through consultation within the upper and lower limits of interest rates stipulated by the Bank of China. If the loan interest rate is high, the repayment amount of the borrower will increase after the loan term, otherwise it will decrease.
There are three factors that determine loan interest: loan amount, loan term and loan interest rate.
There are three kinds of interest rates: annual interest rate, monthly interest rate and daily interest rate.
Let's talk about the daily interest rate first
The daily interest rate takes the current day as the interest period, which is called several ten thousandths. We often hear such a word: daily interest rate is 0.05%, daily interest rate is 0.02%, and so on. In fact, it is to borrow 10 thousand yuan, and the interest is 5 yuan or 2 yuan a day.
If you use a credit card to withdraw cash, the daily interest rate is 0.05%, that is to say, the daily interest rate for withdrawing cash with a credit card is also 50,000 yuan. If you borrow 1 10,000 yuan, you will get 5 yuan every day.
Knowing the daily interest rate, how do you know the monthly interest rate and annual interest rate?
The formula for converting daily interest rate into monthly interest rate and annual interest rate: monthly interest rate = daily interest rate × 30; Annual interest rate = daily interest rate ×360
Let's talk about the monthly interest rate
The monthly interest rate is calculated on a monthly basis and expressed in one thousandth. The monthly interest rate is eight thousandths, which means that if we borrow one thousand dollars, the interest generated in one month is 8 yuan.
The calculation formula for converting monthly interest rate into daily interest rate and annual interest rate is as follows:
Daily interest rate = monthly interest rate ÷ 30; Annual interest rate = monthly interest rate × 12
Finally, talk about the annual interest rate.
Annual interest rate: the annual interest rate refers to the interest calculated on an annual basis. Generally speaking, the annual interest rate is expressed as a percentage. For example, the annual interest rate is 10%, which means that if you borrow 100 yuan, the annual interest will be 10 yuan.
Calculation formula for converting annual interest rate into monthly interest rate and daily interest rate:
Daily interest rate = annual interest rate ÷ 360;