First, determine the loan interest rate. At present, the benchmark loan interest rate is 5.9% and the monthly interest rate is 0.49%.
2. The formula for calculating the monthly payment of equal principal and interest: [loan principal× monthly interest rate× (1 interest rate )× repayment months]] [(1interest rate )× repayment months]
3. Substitute the formula to get the monthly payment of 2 173.52 yuan, multiply the monthly payment by 240 months to get the total principal and interest of 52 1644.37 yuan, and then subtract the principal of 305,839 yuan to get the total interest of 2 15805.37 yuan.
Extended data:
Loan interest refers to the reward that the lender gets from the borrower for issuing monetary funds, and it is also the price that the borrower must pay for using the funds. Bank loan interest rate refers to the ratio of interest amount to principal amount during the loan period.
The interest rate of loan contracts with banks and other financial institutions as lenders can only be determined through consultation within the upper and lower limits of interest rates stipulated by the People's Bank of China. If the loan interest rate is high, the repayment amount of the borrower will increase after the loan term, otherwise, it will decrease. There are three factors that determine loan interest: loan amount, loan term and loan interest rate.
state rate
The interest rate set by the People's Bank of China approved by the State Council and authorized by the State Council is the legal interest rate. The announcement and implementation of the statutory interest rate shall be the responsibility of the head office of the People's Bank of China.
benchmark interest rate
The deposit and loan interest rates of the People's Bank of China to commercial banks and other financial institutions are the benchmark interest rates. The benchmark interest rate is determined by the head office of the People's Bank of China.
contractual rate of interest
The lender and the borrower shall, in accordance with the statutory loan interest rate stipulated by the People's Bank of China and specified in the loan contract and the interest rate of the specific loan agreed in the floating range.
Loan interest rate and interest
The General Rules for Loans stipulates that:
(1) Determination of loan interest rate: The lender determines the interest rate of each loan according to the upper and lower limits of loan interest rate stipulated by the People's Bank of China, and specifies it in the loan contract;
(II) Collection of loan interest: Lenders and borrowers shall collect or pay interest on schedule in accordance with the loan contract and relevant interest-bearing provisions of the People's Bank of China. When the extension period of the loan plus the original term reaches the new interest rate grade, it will be charged at the new term grade interest rate from the date of extension. Penalty interest is charged for overdue loans according to regulations.
(3) Loan interest subsidy: According to the national policy, in order to promote the economic development of certain industries and regions, the relevant departments can subsidize the loan interest. For loans subsidized by relevant departments, the undertaking bank shall independently examine and issue them, and strictly manage them in accordance with the relevant provisions of the General Rules for Loans.
(4) Suspension, interest reduction and interest-free loans: Except as stipulated by the State Council, no unit or individual has the right to decide suspension, interest reduction and interest-free. According to the decision of the State Council, the Lender shall specifically handle the cessation, interest reduction and interest-free.
Loan interest settlement
Small-scale farmers' loans from rural commercial banks will be paid off together with profits. If it is a new year's loan, the interest must be settled before the end of the year. The annual interest settlement date is 65438+February 20th.
Except for small-scale farmers' loans, short-term loans (with a term of less than one year, including one year) bear interest at the legal loan interest rate of the corresponding grade on the date of signing the loan contract. During the loan contract period, in case of interest rate adjustment, interest will not be calculated by installments.
Short-term loans are settled quarterly, and the 20th day of the last month of each quarter is the settlement date; If the interest is settled monthly, the 20th of each month is the interest settlement date. The specific interest settlement method shall be determined by the borrower and the lender through consultation. Interest that cannot be paid on schedule during the loan period will be compounded quarterly or monthly according to the loan contract interest rate, and will be compounded at the default interest rate after loans overdue. When the last loan is paid off, the profit will be paid off together with the principal.
The interest rate of medium and long-term loans (with a term of more than one year) should be fixed at one year. The loan (including all the funds that should be allocated by installments within one year from the effective date of the loan contract) shall bear interest according to the legal loan interest rate of the corresponding grade on the effective date of the loan contract within the time limit agreed in the loan contract. After one year (installment payment shall be subject to the first loan issuance date),
Then determine the interest rate for the next year according to the legal loan interest rate of the corresponding grade at that time. Medium and long-term loans are settled quarterly, and the 20th of the last month of each quarter is the settlement date. Interest that cannot be paid on schedule during the loan period shall be compounded quarterly according to the contract interest rate, and after loans overdue, it shall be compounded at the default interest rate.