What is the annual interest rate of 1. 15.58?
The annual interest rate 15% is the monthly interest of 1.25 cents. What ordinary people mean by interest is usually a few percent of the monthly interest. The formula for converting annual interest rate into monthly interest rate is: monthly interest rate = annual interest rate/12. Then substitute the annual interest rate 15% into the formula: monthly interest rate =15%12 = 1.25%, and monthly interest is1.25 cents. Extended data:
Calculation method of annual interest rate: For example, if the deposit is 100 yuan and the bank promises an annual interest rate of 4.2%, then the bank will pay 4.2 yuan interest in the coming year.
Second, the annual interest rate
15% is converted into monthly interest rate, 15%/ 12=0.9%, which is equivalent to monthly interest rate 1.25%. For example, if you apply for a loan of 10000 yuan, the monthly interest 1.25%, and the loan term 1 month. The so-called interest rate is the abbreviation of "interest rate", which refers to the ratio of interest amount to deposit principal or loan principal in a certain period of time. Usually divided into annual interest rate, monthly interest rate and daily interest rate. The annual interest rate is expressed as a percentage of the principal, the monthly interest rate as a percentage, and the daily interest rate as a percentage. When the economic development is in the growth stage, the investment opportunities of banks increase, the demand in loanable funds increases and the interest rate rises; On the other hand, when the economic development is sluggish and the society is in a depression period, the willingness of banks to invest is reduced, and the demand for loanable funds is naturally reduced, and the market interest rate is generally low.
To sum up, the annual loan interest rate is within the legal range of 36%, and 15% is the loan interest rate of most online loan products.