Many people apply for mobile phone loans, because it is convenient and the loan amount is quite high. So, what's the interest on the mobile phone loan? What is the formula for calculating the interest of mobile phone loans? The loan amount of mobile phone loan is 1000-5,000 yuan, and the loan term is not very high or long. The cash installment business for mobile phones is 3000- 10000 yuan, which is divided into three phases and six phases, giving users more choices. The expected daily annualized interest rate of mobile phone loans is lower than that of Ant Borrowing and JD.COM Gold Bar. However, there are some other service charges for mobile phone loans. Therefore, in addition to the principal, due repayment also needs the sum of loan interest and service fee: every thousand yuan in 3 yuan is deducted when lending. If the loan is 3,000 yuan and is repaid in 30 days, the interest and service fee will be * * *: 3,000/13,000 * * 30 = 270 yuan. Of course, the overdue penalty interest of mobile phone loans is relatively strict, so everyone must remember to repay on time after borrowing, otherwise there will be not only late fees, but also overdue penalty interest and other expenses. If it is ten days overdue, the penalty interest for overdue is: 10+3000 yuan.