Calculating interest by points is a folk custom of expressing interest rates. To say that the monthly interest is one-third, it is 1.3%, which is 1.3 yuan interest per month on 100 yuan. To say that the annual interest rate is one-third, it is 15.6%, which is 15.6 yuan in interest per year on 100 yuan.

If you borrow 10,000 yuan, the interest for one month is 10,000 times 1%, which equals 100 yuan. If you borrow 100,000 yuan, the interest for one year is 100,000 times 1% times 12, which equals 1,200 yuan. Based on Ping An Bank's loan interest, according to the current interest rate standard, 1-3 years (including 3 years) is 6.40. If you get a loan, we will give you the base interest rate. Pay it off in one lump sum after 2 years. 160,000 multiplied by 6.4% is equal to 20,480 yuan. , 100,000 is 12,800 yuan. People's Bank of China, if we simply say that the interest of one point is 1% interest, generally speaking, it is the monthly interest. If the monthly interest is one point, the interest of 85,000 per year is 85,000 times 1% times 12, which equals 10,200 . The monthly interest rates announced by banks are basically expressed in terms of one year. For example, the annualized deposit interest rate for three months is 2.6% (listed by the bank). In fact, it is actually calculated into the actual actual interest rate for the current period of three months. The yield is only 0.65%. The annual interest rate is generally expressed as % (percent), and the monthly interest rate is generally expressed as ‰ (thousandths); the daily interest rate is expressed as a few ten thousandths of the principal, which is usually called a few cents or cents. . For example, if the daily interest rate is 1%, that is, the principal is 1 yuan, the daily interest rate is 0.001 yuan. (1 centimeter = 0.001 yuan, one cent = 0.0001 yuan)

Calculation formula: daily interest rate_annual interest rate ÷360 = monthly interest rate ÷30

The relationship between annual interest rate and monthly interest rate The relationship between interest rates: monthly interest rate = annual interest rate / 12, annual interest rate = monthly interest rate * 12. For example, if the annual interest rate is 7.05%, converted into a monthly interest rate, it is 7.05%/12=5.875‰ (Generally, banks use monthly interest rates to express interest rates in mortgage contracts).

Example Suppose you take a loan of 1 million yuan, with a term of 30 years, an annual interest rate of 7.05%, and repayment using the equal principal and interest method. After calculation, the monthly repayment amount is 6686.64 yuan. The calculation formula is as follows:

Monthly repayment amount = principal*monthly interest rate*(1+monthly interest rate)^n/[(1+monthly interest rate)^n-1]

In the formula: monthly interest rate = annual interest rate/12, n represents the number of months of the loan, ^n represents the nth power, such as ^360, represents the 360th power (loan for 30 years, 360 months). Note: When calculating (1+monthly interest rate)^n-1, you must first calculate the value in parentheses, then raise it to the power and then subtract 1.

Put the data just now into the formula:

Monthly repayment amount=1000000*(7.05%/12)*(1+7.05%/12)^360/[(1+ 7.05%/12)^360-1]

=6686.638594

=6686.64 yuan.