The calculation formula of equal principal and interest is: [loan principal × monthly interest rate ×( 1+ monthly interest rate )× repayment months ]⊙[( 1+ monthly interest rate )× repayment months]

p=[ 1000000×7%/ 12×( 1+7%/ 12)^ 120]÷[( 1+7%/ 12)^ 120- 1]= 1. 16 1

Calculation principle: from the beginning of monthly contribution, the bank collects the interest of the remaining principal first, and then the principal; The proportion of interest in monthly payment decreases with the decrease of residual principal, and the proportion of principal in monthly payment increases with the increase, but the total monthly payment remains unchanged.