2. Equal principal and interest method:
Calculation formula: monthly repayment amount = principal * monthly interest rate *[( 1+ monthly interest rate) n/[( 1+ monthly interest rate) n- 1]
Where n represents the number of months of loan, and n represents the power of n, such as 240, representing the power of 240 (20 years and 240 months of loan).
Monthly interest rate = annual interest rate/12
Total interest = monthly repayment amount * loan months-principal
3, the law of average capital:
Calculation formula: monthly repayment amount = principal /n+ remaining principal * monthly interest rate.
Total interest = principal * monthly interest rate * (loan months /2+0.5)
4. Loan interest is generally divided into annual interest rate, monthly interest rate and daily interest rate.
5. The interest rate is expressed as a percentage, the monthly interest rate is expressed as one thousandth, and the daily interest rate is expressed as one thousandth.
6. Annual interest rate ÷ 12= monthly interest rate; Monthly interest rate ÷30= daily interest rate; Annual interest rate ÷360= daily interest rate.
Extended data:
1. Basic formula for calculating interest. The basic formula for calculating the interest of savings deposits is: interest = principal × deposit period × interest rate;
2. Interest rate conversion, in which the conversion relationship among annual interest rate, monthly interest rate and daily interest rate is:
Annual interest rate = monthly interest rate × 12 (month) = daily interest rate ×360 (days);
Monthly interest rate = annual interest rate ÷ 12 (month) = daily interest rate ×30 (days);
Daily interest rate = annual interest rate ÷360 (days) = monthly interest rate ÷30 (days).
References:
Interest calculation formula-Baidu Encyclopedia? Equal principal and interest method-Baidu Encyclopedia? Average capital method-Baidu encyclopedia