Explanation:

1. First, we can calculate the monthly repayment amount by matching the principal and interest. This means that within the repayment period, the total amount of principal and interest repaid each month is equal.

2. Suppose the loan amount is 200,000 yuan and the repayment period is 5 years, that is, 60 months.

According to the benchmark interest rate of 2.8%, we can use the following formula to calculate the monthly repayment amount:

Monthly repayment amount = loan amount × monthly interest rate ×( 1+ monthly interest rate) ÷(( 1+ monthly interest rate) × repayment period-1)

Among them, the monthly interest rate = benchmark interest rate12 = 0.02812 ≈ 0.003333.

4. Substituting the data into the formula, the monthly repayment amount is about 5545.53 yuan.

Summary:

The renovation loan amount is 200,000 yuan, the interest rate is 2.8%, the repayment period is 5 years, and the monthly repayment amount is about 5,545.53 yuan.