The interest rate is 4.0 15, that is, the annual interest rate is 4.0 15%. First, the total loan is multiplied by the annual interest rate:

160000x4.015% = 6424 yuan.

6424÷ 12≈535.33 yuan.

So I have to pay back the interest of about 535.33 yuan every month.

Extended data

Calculation method of annual interest rate

For example: deposit 100 yuan, and the bank promises an annual interest rate of 4.2%.

Then the bank will repay 4.2 yuan interest in the coming year, and the calculation formula is 100×4.2% = 4.2 yuan.

The formula is: interest rate = interest ÷ principal ÷ time×100%, interest = principal× interest rate× time = 100 × 4.2 %=4.2 yuan.

The final withdrawal 100+4.2= 104.2 yuan.

Baidu encyclopedia-annual interest rate