The interest rate of 1.5% means the monthly interest rate is 1.5%. The calculation method is as follows:

Interest = loan principal * 1.5% * loan period (months)

< p>RMB units are divided into yuan, jiao, cents and cents. The monthly interest here is 1.5%, which translates into a monthly interest rate of 1.5% and an annual interest rate of 18%.

Extended information:

Conversion between interest rates:

Saving deposit interest rates are uniformly stipulated by the state and announced by the People's Bank of China. Interest rate, also known as interest rate, is the ratio of interest to principal within a certain date. It is generally divided into three types: annual interest rate, monthly interest rate, and daily interest rate. The annual interest rate is expressed as a percentage, the monthly interest rate is expressed as a thousand percent, and the daily interest rate is expressed as a ten thousand percent.

For example, the annual interest rate of 9% is written as 9%, that is, the regular one-year interest rate is 90 yuan for every thousand yuan of deposits, and the monthly interest rate of 6% is written as 6‰, that is, the monthly interest rate for every thousand yuan of deposits is 6 yuan, daily The interest rate of one cent and a half cents is written as 0.15‰, which means the daily interest rate is 1.5 cents per thousand yuan of deposits. Currently, my country's savings deposits are listed with monthly interest rates.

For the convenience of interest calculation, the three interest rates can be converted. The conversion formula is: annual interest rate ÷ 12 = monthly interest rate; monthly interest rate ÷ 30 = daily interest rate; annual interest rate ÷ 360 = daily interest rate.< /p>

Classification of interest calculation:

The interest calculation formula is mainly divided into the following four situations. First, the basic formula for calculating interest. The basic formula for calculating interest on savings deposits is: interest = Principal×deposit period×interest rate;

Second, the conversion of interest rates. The conversion relationship between annual interest rate, monthly interest rate, and daily interest rate is: annual interest rate = monthly interest rate × 12 (month) = day Interest rate × 360 (days); monthly interest rate = annual interest rate ÷ 12 (months) = daily interest rate × 30 (days); daily interest rate = annual interest rate ÷ 360 (days) = monthly interest rate ÷ 30 (days), in addition, The interest rate should be consistent with the deposit period;

Third, the interest calculation starting point in the interest calculation formula,

1. The starting point for interest calculation on savings deposits is yuan, and the starting point is yuan or less. No interest will be paid;

2. The interest amount is calculated to the nearest cent, and the cents will be rounded to the nearest cent when the actual payment is made;

3. Except for the annual settlement of current savings, the In addition to the interest transferred to the principal to earn interest, all other savings deposits, regardless of the deposit period, will be paid off with the principal when withdrawn, without compound interest;

Fourth, the calculation issue of the deposit period in the interest calculation formula ,

1. Calculate the deposit period by counting the beginning and not the end;

2. Regardless of the big month, small month, ordinary month or leap month, each month is calculated based on 30 days. , the whole year is calculated as 360 days

3. The maturity dates of various deposits are calculated on the basis of year, month and day. If the account opening date is a missing date in the expiration month, the maturity date will be The end of the month is the expiration date.

Baidu Encyclopedia - Interest Calculation Formula