1. Calculation formula of interest: principal × annual interest rate (percentage) × deposit period.
2. Equal principal and interest method:
Calculation formula: monthly repayment amount = principal * monthly interest rate *[( 1+ monthly interest rate) n/[( 1+ monthly interest rate) n- 1]
Where n represents the number of months of loan, and n represents the power of n, such as 240, representing the power of 240 (20 years and 240 months of loan).
Monthly interest rate = annual interest rate/12
Total interest = monthly repayment amount * loan months-principal
3, the law of average capital:
Calculation formula: monthly repayment amount = principal /n+ remaining principal * monthly interest rate.
Total interest = principal * monthly interest rate * (loan months /2+0.5)
4. Loan interest is generally divided into annual interest rate, monthly interest rate and daily interest rate.
5. The interest rate is expressed as a percentage, the monthly interest rate is expressed as one thousandth, and the daily interest rate is expressed as one thousandth.
6. Annual interest rate ÷ 12= monthly interest rate; Monthly interest rate ÷30= daily interest rate; Annual interest rate ÷360= daily interest rate.
First, the loan interest cannot exceed how much.
The annual interest rate of loan interest cannot exceed 36%, which is not protected by law, that is, interest exceeding 36% is invalid. Lenders can ask the lenders to return more than 36% of the paid interest, and the people's court will support it, so you must read the loan interest rate agreed in the contract carefully when borrowing money. Many loan interest rates will be marked in the form of daily interest rates or monthly interest rates. In this case, you'd better convert the annual interest rate.
legal ground
The full text of "Provisions of the Supreme People's Court on Several Issues Concerning the Application of Law in the Trial of Private Lending Cases".
Article 28 After both borrowers and borrowers settle the principal and interest of the previous loan, they will include the interest in the principal of the latter loan and issue a new certificate of creditor's rights. If the previous interest rate does not exceed the annual interest rate of 24%, the amount specified in the reissued creditor's rights certificate can be confirmed as the later loan principal. Excess interest cannot be included in the future loan principal. If the agreed interest rate exceeds the annual interest rate of 24%, and the parties claim that the excess interest cannot be included in the later loan principal, the people's court shall support it.
According to the calculation in the preceding paragraph, the sum of the principal and interest payable by the borrower after the expiration of the loan term cannot exceed the sum of the initial loan principal and the interest of the whole loan term calculated at the annual interest rate of 24% based on the initial loan principal. If the lender requests the borrower to pay the excess, the people's court will not support it.
Twenty-ninth borrowers and lenders have agreed on overdue interest rates, which shall be implemented in accordance with the agreement, but the annual interest rate shall not exceed 24%.
If the overdue interest rate is not agreed or clearly agreed, the people's court may handle it according to different circumstances:
(1) The lender claims that the borrower should pay the interest during the period of capital occupation at the annual interest rate of 6% from the date of overdue repayment, and the people's court should support it because the interest rate during the loan period has not been agreed;
(2) If the interest rate during the loan period is agreed, but the overdue interest rate is not agreed, the people's court shall support the lender to claim that the borrower shall pay the interest during the capital occupation period according to the interest rate during the loan period from the date of overdue repayment.
Article 30 The lender and the borrower have agreed on overdue interest rate, liquidated damages or other expenses. The lender may choose to claim overdue interest, liquidated damages or other expenses, or both, but the people's court will not support the part exceeding 24% of the annual interest rate.