If the overdraft is 1, 200 yuan will be divided into 12 installments, and each installment (month) will be repaid at 1 1,000 yuan, and the handling fee will be 0.6%/ month. Actual monthly deduction 1 0,000+0,200× 0.6% =10,007.2. If other factors are not considered, the convertible nominal annual interest rate is 7.2%. But the cardholder did not always owe the bank 1.200 yuan. In the last month, he actually only owed the bank 1 1,000 yuan, but the bank still charged the handling fee according to 1, 200 yuan.
According to the calculation, the actual annual interest rate that the cardholder has to pay is about 15.48%. According to the correct calculation formula, it should be1200 * 6% * (1+6%)12/(1+b)12-1) =/kloc.
Full penalty interest and partial penalty interest are two methods to calculate interest. Most banks only pay the repayment amount before the repayment date, not the full amount, so they have to pay not only the interest on the unpaid part, but also the interest generated from the consumption date to the repayment date by five ten thousandths of the total amount.
Extended data
Guangfa Bank Guangfa Credit Card launched "Yangyanghang" interest-free installment payment. As long as the single consumption reaches 500 yuan, you can call 95508 to register for installment payment. The period of GDB card is 6 months, 12 months, 18 months and 24 months.
Number of installments and handling fee standard:
The number of periods (monthly 1 period) is 6, 12, 18 and 24, and the service fee rate of each period is 0.7%, 0.7%, 0.72% and 0.72% respectively. Guangfa Bank can also handle postal installment business, and the commodity providers mainly include Digital China and Founder Technology. The staging method is the same as that of China Merchants Bank.
Generally speaking, the handling fee of credit card installment 1 year is lower than the annual cash withdrawal interest 18%, and higher than the bank commercial loan interest 1 year 5.3 1%. It is worth mentioning that the loan interest rate of commercial banks has been lowered many times since last year, but the standards of credit card installment fees and cash withdrawal interest have rarely changed. Although different banks have different standards for credit card installment fees, the calculation method is roughly the same.
Guangfa Bank: Terms of Bill Installment Project Baidu Encyclopedia: Credit Card Installment Payment