The annual interest rates are 5.2% and 4.2% respectively.
1. Annual interest rate =5.2%, and monthly interest rate = annual interest rate/12=0.43333%.
Formula Monthly repayment amount = loan amount * monthly interest rate /[ 1-( 1+ monthly interest rate)-repayment months]
Monthly repayment amount = 400000 * 0.43333%/[1-(1+0.43333%)-360]
Monthly repayment amount = 2 196.44 yuan.
Total repayment = 790,765,438+09.67 yuan.
Total interest = 390,765,438+09.67 yuan.
2. Annual interest rate =4.2%, monthly interest rate = annual interest rate/12=0.35%.
Formula Monthly repayment amount = loan amount * monthly interest rate /[ 1-( 1+ monthly interest rate)-repayment months]
Monthly repayment amount = 400,000 * 0.35%/[1-(1+0.35%)-360]
Monthly repayment amount = 1, 956.07 yuan.
Total repayment = 704 184.73 yuan.
Total interest = 304 184.73 yuan.
Third, calculate the interest difference under the two interest rates.
Monthly repayment amount difference =240.37 yuan
Total repayment difference = 86,534.94 yuan.
Total interest difference = 86,534.94 yuan.
Results:
Under the hypothetical conditions, the monthly repayment amount under the two interest rates is 240.37 yuan; The difference of the total repayment amount is 86,534.94 yuan; The total interest difference is 86,534.94 yuan.
Answered on September 23, 2022
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