Question 1: First of all, I don’t know how 50,000ths is calculated. I owe 3,700, so how much do I have to repay in one day based on 50,000ths per day?

3,700 yuan, 50,000 yuan per day is calculated like this.

The total amount to be repaid on the first day:

Principal 3700, interest 3700*0.0005=3701.85 yuan

The second day:

Principal 3701.85=3701.85*0.0005=3703.70 yuan (bank calculations are accurate to 0.01 yuan)

. . . . . In these two steps, you should be able to understand how interest is calculated.

Question 2: I have six installments. If each installment is repaid according to the minimum payment amount, how will it be calculated after six installments?

This is more complicated, but I can put it simply. If you pay 3,700 yuan in 6 installments, the amount you have to pay back in each installment is:

Principal 3,700/6 Handling fee 3700*0.65=principal 616.67 Handling fee 24.05=640.72 yuan

The minimum repayment amount depends on which card you have. China Guangfa Bank has two minimum repayment amounts, 5 and 10. You didn't say what type of card you have here, so I'll give you an example using 10.

If you have to repay 640.72 yuan per period, then your minimum repayment amount is 100 yuan (for a 5 card, the minimum repayment amount is at least 50 yuan; for a 10 card, the minimum repayment amount is at least 50 yuan) 100 yuan)

After you repay 100, you will still have 540.72 yuan, then interest will start to be calculated on this 540.72 yuan, and in the next period, the principal you have to pay back is:

Remaining from the previous period: 540.72 yuan. This 540.72 yuan generated a daily compound interest of 5/10,000 yuan in these 31 days, which is 8.44 yuan. The 640.72 yuan that should be repaid in this period = 1189.88 yuan

Then If you repay the minimum in this period, you will have about 1,078 yuan left after repaying it, and interest will be calculated on this 1,078 yuan every day. Therefore, the repayment method you choose is not cost-effective. Since you have to pay it off in installments, it’s best to pay it off on time. If your financial ability cannot keep up, you can choose a longer installment. For example, I personally think that the 12-instalment installment offered by China Guangfa Bank is the most cost-effective.

Finished! If you still don’t understand, you can leave me a message using HI Baidu.

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