2. First of all, we need to know the current interest rate of provident fund loans. Assume that the current annual interest rate of provident fund loans is 3.25%, subject to the latest interest rate announced by the People's Bank of China. Then, we calculate the monthly payment by the equal principal and interest repayment method.
3. The calculation formula of equal principal and interest repayment method is:
\ [Monthly payment =\frac loan }( 1}\]
4. Substitute the known value into the formula:
Loan principal: 700,000 yuan
Monthly interest rate: 3.25%/ 12=0.02708333.
Number of repayment months: 20 years × 12 months/year =240 months.
5. The calculated monthly payment is \ [monthly payment ≈ frac7} (1} \].
According to the above formula, we can get an approximate monthly payment. Because the specific numerical value needs to be obtained through a calculator or a loan calculator, the specific numerical value is not given here.
7. It should be noted that the actual monthly payment may be different due to factors such as bank policies and personal credit status. It is recommended to consult the bank directly or use the online loan calculator for accurate calculation.
8. In addition, the policy of provident fund loans may change over time, so the latest policy should prevail when applying for loans.
9. To sum up, factors such as loan amount, interest rate, repayment period and so on need to be considered in calculating the monthly payment of provident fund loans. The specific monthly payment can be calculated by formula, but more accurate results need to be obtained by banks or professional calculation tools.