Principal = 50,000 yuan

Pay in 60 installments over five years, with the interest rate of 0. 1666 and the total interest of 50000*0. 1666=8330.

Ten percent down payment (5000)+ installment payment (50000-5000)/60+ one-time five-year interest expense (8330)= 14080.

The remaining 59 installments repay the installment principal of 750, totaling 750 * 59 = 44,250.

The actual available principal is 50000- 14080=35920.

The effective interest rate is 8330/35920=0.23 19.

The actual annualized interest rate is 0.23 19/5*2=0.09276.

ICBC claims that the monthly interest rate of installment cards is 0.28%.

Roughly calculated, the actual annualized interest rate is around 9%