Starting from the day when the card is swiped, five ten thousandths per day, that is, five yuan per day, is accumulated day by day;

When the repayment date comes, the principal will not be the previous ten thousand. Yuan, the previous interest will accrue interest again, and at the same time, a late payment fee of 5% will be calculated, and this amount will generate a daily interest of 0.5%;

Starting from the second day of the repayment date, the calculation The principal has changed from the previous principal of 10,000 yuan to the sum of the principal and interest in the above item and the late payment penalty;

When the repayment date comes again, this amount will be calculated again with a late payment penalty of 5 ...

This is the legendary compound interest, that is, compound interest calculation.

Let’s do the math slowly. It’s very troublesome to describe it in words anyway. A simple estimate is that it will double every year.

What is even simpler is that it is how much money the bank asks us to pay back. Even if we go to court, the court will support the amount calculated by the bank.

People will figure it out very clearly, but they may not tell us.