What does the annual interest rate of credit card equal principal and interest 16% mean?

Equal principal and interest of a credit card means that the credit card owes the same amount every month, including principal and interest. The annual interest rate 16% means that the annual interest rate of the credit card is 16%. Usually, the interest on credit cards is calculated according to the daily interest rate. If the annual interest rate is calculated according to the daily interest rate 16%, the daily interest rate is 0.00044 (that is, 0. 16÷365). If the principal owed by the credit card is 10000 yuan.

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