The annual interest rate of 24 is 24 cents a year. Expressed as a few ten thousandths of the principal, the daily interest is usually called a few cents.

1, with annual interest rate of 24%.

2. Monthly interest rate (0/00) = annual interest rate (%) ÷ 12. Then the monthly interest rate is 24%/ 12=2%, which means the monthly interest rate is 2 cents.

3. Daily interest rate (0/000) = annual interest rate (%) ÷ 30; The daily interest rate is 2%/30=0.07%, which is 7% per day.

Legal basis:

Article 667 of the Civil Code

A loan contract is a contract in which the borrower borrows money from the lender, repays the loan at maturity and pays interest.

Calculation formula of installment interest:

Rate * number of periods * 24/ number of periods+1. For example, Ping An Pratt & Whitney Loan has a monthly interest rate of 6% and the formula is 0.6 *12 * 24/13 =13.29%. For example, the installment interest rate of ICBC's credit card is 0.7 12 months, and the interest rate is 0.7 *12 * 24/13 =15.51%.

Speaking of installment payment, if you want to know the annual interest rate, please apply the above formula and never be fooled by financial institutions again.