Interest rate is the ratio of interest received by the borrower after lending the principal to the principal, which is usually used to reflect the lending cost of funds. Interest rates can be divided into monthly interest rates (monthly interest rates) according to the length of borrowing time. Annual interest rate (annual interest rate) \x0d\ Monthly interest rate refers to one month's interest on the principal, and a monthly interest rate of 8 points means that the monthly interest rate is 8%. If the principal is 10000 yuan, the monthly interest rate is 8%. The annual interest converted in this way is 8%* 12 (month) =96%. In other words, the monthly interest rate is 8 points, which means the annual interest rate is 96%. \x0d\ Annual interest rate refers to the interest of the principal for one year, and an annual interest rate of 8 points means an annual interest rate of 8%. If the principal is 10000 yuan and the annual interest rate is 8%, the annual interest rate is 800 yuan. \x0d\ If the principal is 10000 yuan and the monthly interest is 8 cents, the annual interest is 9600 yuan \x0d\ If the principal is 10000 yuan and the annual interest is 8 cents, the monthly interest of 800 yuan \x0d \ 8 cents is 12 times 8.