I just applied for a 50,000 installment loan from Shanghai Pudong Development Bank on my mobile phone. When due, I will repay the principal in one lump sum, with 12 months interest of 7.395%. How much

I just applied for a 50,000 installment loan from Shanghai Pudong Development Bank on my mobile phone. When due, I will repay the principal in one lump sum, with 12 months interest of 7.395%. How much is it per month? The principal is repaid in one lump sum, so the repayment method is to repay the interest first and then the principal.

The monthly interest for the first eleven months is 308. 125 yuan, and the interest plus principal for the twelfth month is 50308. 125 yuan.

Calculation process:

Annual interest rate = principal × years × annual interest rate =50000*7.395%* 1=3697.5 yuan.

Monthly interest = annual interest/12=308. 125 yuan.

Extended data:

What do you mean by paying interest monthly?

Pay interest on a monthly basis and repay the principal at maturity. As the name implies, you only need to pay interest every month, and then pay the principal at one time after the loan expires. This repayment method is more suitable for friends who don't have much money on hand, but have money to return later.

Paying interest on a monthly basis and repaying the principal when due is also a way used by many borrowers. Paying interest on a monthly basis and repaying the principal at maturity means that the borrower repays the loan principal in one lump sum on the loan maturity date (applicable to loans with a term of less than one year (including one year)), and the interest is paid on a daily basis, with the interest settlement date of 265,438+0 days per month.

If the loan principal or interest is in arrears for more than 90 days, the repayment order is loan principal, compound interest, default interest and default interest.

How to calculate the monthly interest payment and the due principal?

For example, suppose you apply for an unsecured loan of 50,000 yuan, with a term of one year and a monthly interest rate of 2%.

The total interest is: loan amount × monthly interest rate × months, that is, 50000× 2 %×12 =12000 yuan. If the interest is shared equally every month, it is1200012 =1000 yuan.

If the loan is repaid in this way, the borrower only needs to repay the interest of 1 1,000 yuan per month, and then repay the principal of 50,000 yuan after the loan expires.

References:

Interest before capital-Baidu Encyclopedia