The converted annual interest rate is 5 * 365/10000 =18.25%.
The annualized interest rate is 65,438+08.25%, which is converted into a daily interest rate of five ten thousandths, which is more in line with the loan interest rates of some consumer financial platforms, such as Alipay lending and WeChat micro-lending. The overdue interest rate of credit cards is also calculated at the daily interest rate of five ten thousandths. These unsecured and unsecured micro-loan products have higher loan interest rates because of the higher risks borne by the platform and banks.
Extended data:
1. The calculation formula of annual interest rate is: annual interest rate = 1 annual interest amount ÷ investment amount; Annual interest rate = monthly interest rate × 12 months.
The annual interest rate is the one-year deposit rate. Interest rate is the ratio of interest amount to deposit principal or loan principal within a certain period. Usually divided into annual interest rate, monthly interest rate and daily interest rate. The annual interest rate is expressed as a percentage of the principal, the monthly interest rate as a percentage, and the daily interest rate as a percentage.
When the economic development is in the growth stage, the investment opportunities of banks increase, the demand for loanable funds increases and interest rates rise; On the other hand, when the economic development level is low and the society is in a depression period, banks' willingness to invest decreases, which naturally reduces the demand for loanable funds, and the market interest rate is generally low.
Second, how to calculate the annual interest rate? There is a simple formula to calculate the annual interest rate.
Annual interest rate = interest ÷ (term× principal )×100%
In order to better explain the calculation method of annual interest rate, let's look at several cases in turn.
1 How to calculate the annual loan interest rate?
The loan interest rate is the interest rate charged by banks and other financial institutions to borrowers when granting loans. There are roughly three categories: the loan interest rate of the central bank to commercial banks; The loan interest rate of commercial banks to customers; Interbank lending rate
The interest-bearing formula is:
① Interest = principal × year (month )× year (month) interest rate
If the interest-bearing period is a whole year (month) and days, the interest-bearing formula is:
② Interest = principal × annual (monthly) × annual (monthly) interest rate+principal × odd days × daily interest rate.
What is the annual interest rate of 5.6%?
The annual interest rate of 5.6% means that after the principal is deposited for one year, the interest earned is 5.6% of the principal. If you deposit 10000 yuan, the interest earned after 1 year is 560.
Interest = principal * interest rate * number of periods for calculating interest.
How to calculate interest at an annual interest rate of 6.3%?
For example, Zhang borrowed 10000 yuan from a bank with an annual interest rate of 6.30% and a loan term of 1 year. What's the interest payable?
Interest =10000 * 6.30% *1= 630 yuan.