Annual interest rate = monthly interest rate * 12. If the monthly interest rate is 3.7%, the annual interest rate is 44.4%. According to the description of the question, monthly interest rate = 3.7%. Using the formula, annual interest rate = monthly interest rate * 12, you can get: annual interest rate = 3.7% * 12 = 44.4%.

The annual interest rate refers to the deposit interest rate for one year, and the monthly interest rate is the interest rate calculated based on one month. Similarly, the daily interest rate is the interest calculated based on the daily interest calculation period, generally expressed in ten thousandths. The conversion formula between them is as follows:

1. Annual interest rate = monthly interest rate × 12 (month ) = daily interest rate × 360 (days).

2. Monthly interest rate = annual interest rate ÷ 12 (months) = daily interest rate × 30 (days).

3. Daily interest rate = annual interest rate ÷ 360 (days) = monthly interest rate ÷ 30 (days)

1. According to convention, my country determines annual interest rate data in multiples of 9. The interest rate is converted into a daily interest rate divided by 360, which is divisible.

2. When the central bank or commercial bank determines the interest rate level, it has considered the conversion relationship between annual interest rate, monthly interest rate and daily interest rate. So the annual interest rate is converted to a daily interest rate by dividing it by 360, not by 365 or the actual number of days in a leap year, 366.

People often need to convert interest rates when depositing or borrowing money. Many people don’t know how to convert. For example, the annual interest rate for a loan of 10,000 yuan is 4.9%, which means one year’s interest. It is 4.9% of 10,000 yuan. Just multiply 10,000 yuan by 4.9% which equals 490. In this case, you need to pay 490 yuan in interest per year. If the monthly interest rate is 4.9%, just use 10,000 yuan. Multiplied by 4.9 percent equals 490, which means you need to pay 490 yuan in interest per month. Multiply 490 by 12 equals 5,860 yuan. Finally, you need to pay 5,860 yuan in loan interest per year. Although there is only one word difference between year and month, the interest amount is very different, so you must read the interest rate standards clearly when making deposits or financial management.

It is worth noting that this simple conversion method is only applicable to loans from regular banks, and the loan repayment method is equal principal and interest or interest first and then principal. The interest conversion for credit card installments and non-bank institutional loans is not applicable.