According to the meaning of the question, the monthly interest rate of bank loans is 7%, that is, 7%, one year is 12 months. According to the formula, annual interest rate = monthly interest rate * 12.

Substituting the data in the question, we can get the formula: annual interest rate =7%* 12=84%.

According to Article 26 of the Provisions of the Supreme People's Court on Several Issues Concerning the Application of Law in the Trial of Private Lending Cases:

If the interest rate agreed between the borrower and the borrower does not exceed the annual interest rate of 24%, and the lender requests the borrower to pay interest at the agreed interest rate, the people's court shall support it. The interest rate agreed between the borrower and the borrower exceeds the annual interest rate of 36%, and the interest agreement in excess is invalid. The people's court shall support the borrower's request to the lender to return the part of the interest paid that exceeds 36% per annum.

Extended data:

Conversion formula of daily interest rate, annual interest rate and monthly interest rate:

Daily interest rate (0/000)= annual interest rate (0/0) ÷ 360;

Monthly interest rate (0/00)= annual interest rate (0/0)÷ 12.

Monthly interest rate = daily interest rate ×30

Annual interest rate = monthly interest rate × 12

Interest = interest product × daily interest rate

formula

Formula 1: daily interest rate = daily interest deposit (loan) amount X 100%.

Formula 2: Daily interest rate =? Monthly interest rate ÷30

Formula 3: Daily interest rate =? The annual interest rate is 360.

Baidu encyclopedia-monthly interest rate