The daily interest rate of credit card is 5/10000. How to calculate compound interest on a monthly basis?

5000, 5/10000 per day, the first month is 150/10000 (30/10000 for one month) Who knows)

At the end of the first month, your interest will be 150/100,000 of 5,000, which is 75 yuan.

The interest for the second month will be (500075). 150, which is 76.125 yuan

The interest for the second month is (50007576.125) 150 ten thousandths of 5000, which is 76.268 yuan

By analogy, you owe the bank 5,000 yuan After 6 months, the total payment will be 5467.2163 yuan.

That is to say, the interest is settled once a month, and the settled interest starts to accrue interest as the principal in the next month, commonly known as the donkey rolling.

Extended information:

The characteristic of compound interest calculation is that the sum of the principal and interest at the end of the previous period is used as the principal of the next period. The amount of the principal of each period is different during calculation. . The formula for calculating compound interest is:

The present value of compound interest refers to the principal that must be invested today to reach a specific amount of funds in the future when compound interest is calculated. The so-called compound interest, also known as interest plus interest, refers to the method of making a new round of investment with interest after a deposit or investment has received a return.

The compound interest future value refers to the sum of the principal after the principal earns interest within the agreed period, the interest is added to the principal and then the interest is calculated, and the period is rolled over to the end of the agreed period. Simply put, it means depositing A at the beginning of the period, taking i as the interest rate, and depositing the sum of principal and interest after n periods. Formula: F=A(1i)^n.

The compound interest method is used to calculate interest based on the monthly interest rate. The annual interest calculation is to calculate the interest based on the annual interest rate.

The formula of the compound interest method = this Gold [(1 interest rate) term power - 1]

If you borrow 10,000 yuan and pay it back after 2 months, the monthly interest rate is 3, and the interest calculated using the compound interest method is: 10,000 [(10.03)_ -1]

Daily interest calculation means that as long as the policy exists, the company will calculate interest to the customer every day. When the customer applies for insurance and when the policy is terminated, if it is not the beginning or end of the month, the company will calculate interest based on the actual number of days.

For example, if a customer purchases insurance on January 10th, for the 21 days from January 10th to 31st, the company will calculate interest for the customer day by day based on the accumulated interest rate published on 3rd.

Monthly compound interest is settled once a month, and the total amount after the previous month's settlement will be used as the base for the next month's settlement. The Company publishes cumulative interest rates monthly on an external website. The accumulated interest-bearing account amount increases with compound interest.