The service fee is also a handling fee. In fact, it is a disguised form of interest, but it is less than the loan interest!

Example:

Mr. Wang’s bill date is the 17th. He purchased a home appliance worth 3,600 yuan on October 8, 2006. On the third day after the card was swiped ( October 11) Call China Construction Bank to apply for consumption installment. The number of installments is 12. The 12-month installment fee rate chosen by Mr. Wang is 0.60%, so the monthly repayment amount is: 3,600×0.60%+3,600÷12=21.6+300=321.6 yuan, that is, Mr. Wang only needs to repay 321.6 yuan every month, without Pay other fees.

So yours should be 5000/12+5000*0.006=447