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The loan is 220,000 yuan, and the monthly payment is 7,555 yuan. How to calculate the interest rate?
Monthly repayment of 7555*36 installments = total repayment of 27 1980.

27 1980-220000= total interest 5 1980.

5 1980/36= monthly interest 1443.9

7555- 1443.9= monthly principal 611.1.

1443.9/220000= monthly interest rate 0.0065(6.5%)

6.5* 12= annual interest rate of 0.078 (about 7%)

This is bank interest, which is very low.

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