20 16 The interest rate of the mortgage of Bank of Communications for more than five years is 4.9%. First, calculate the interest rate. According to the calculation formula of interest (interest = principal × interest rate× time) and existing information (loan amount, interest rate and term), the interest amount can be calculated:

Interest = principal × interest rate× term = 400,000× 4.9 %× 28 = 548,800.

According to the amount of interest, the amount of monthly payment can be calculated according to the formula of monthly payment.

Monthly payment = (loan amount+interest amount)/installment number = (400,000+548,800)/(40×12) ≈1976.7.

The monthly repayment of Bank of Communications mortgage for 28 years is 1976.7. The above repayment method is the repayment method of equal principal and interest, and it is also the choice of more mortgage repayment methods.

Mortgage interest rate is generally a floating interest rate, which can only be used as a repayment standard for a period of time.