(1) The interest rate conversion formula for RMB business is (Note: 1. Daily interest rate (0/000)= annual interest rate (%)÷360 = monthly interest rate (‰)÷302. Monthly interest rate (‰) = annual interest rate (%)÷ 12. 1. Accumulate the account balance daily according to the actual number of days, and multiply the accumulated product by the daily interest rate to calculate the interest. The interest-bearing formula is: interest = accumulated interest-bearing products × daily interest rate, where accumulated interest-bearing products = total daily balance. 2. Transaction-by-transaction interest calculation method calculates interest one by one according to the predetermined interest calculation formula: interest = principal × interest rate × loan term. There are three specific methods: if the interest period is a whole year (month), the interest calculation formula is: ① interest = principal × years (months) × interest rate; If the interest period is a whole year (month) and a fraction of days, the interest calculation formula is: ② Interest = principal. Banks can choose to convert the interest period into actual days to calculate interest, that is, 365 days per year (366 days in leap years), and each month is the actual number of days in the Gregorian calendar of the current month. The interest-bearing formula is: ③ Interest = principal × actual days × daily interest rate, which is related to how to calculate interest for microfinance.