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In today's society, credit cards are really favored by young people, and the choice of credit card consumption is accepted and recognized by more and more young people. In the past, not everyone could apply for a credit card, and the bank had strict requirements for applicants. Now, every ordinary person walking on the street can easily apply for one or more credit cards from the bank if you want, and the amount ranges from thousands to tens of thousands.
Credit card consumption is chosen because it can be consumed first and then repaid, and the longest interest-free period is nearly 50 days (the specific number of days depends on the situation of each bank), which not only meets the current consumption demand, but also has an interest-free repayment period, which relieves the life pressure of many young people. But now, for young people who are working hard in the city, the pressure of life is getting bigger and bigger, and the income and expenditure are always unbalanced regularly. When the credit card consumption exceeds the repayment ability, they will choose to repay by installments.
Repayment by installment is to package one or more consumer funds into a loan and repay it several times, and pay a certain bank fee. Consumers can choose different periods, such as 3/6/12/18/24/36/48/60, etc. According to the business category. The handling fee is charged according to a fixed proportion of the total installment repayment. According to different products, the bank will charge the installment repayment fee in one lump sum or share it on a monthly basis. If the installment repayment fee is allocated to the billing month, the customer will repay in advance.
Of course, installment repayment can alleviate the current repayment pressure, but can you really afford this installment repayment rate? Take a bank's credit card installment rate as an example. Let's calculate the real annualized interest rate corresponding to each period. Assuming that the installment principal is 10000 yuan, the bank installment rate table is as follows: (unit: yuan)
The first case: repayment in three installments, and the corresponding repayment table for each installment is calculated as follows:
As can be seen from the above table, the total handling fee of the third installment (one installment per billing month) is 255 yuan, and the average usage amount of the third installment is 6666.66, so the average annual usage amount is 1666.66, and the calculated actual annualized interest rate is 15.3%.
Case 2: 12 installments, and the corresponding repayment table for each installment is calculated as follows:
As can be seen from the above table, the total handling fee of 12 is 900 yuan, and the average annual usage amount is 54 16.65 yuan, so the actual annualized interest rate is 16.62%.
In the third case: 18 installments, and the corresponding repayment table for each installment is calculated as follows:
According to the above table, the total handling fee of 18 is 1350 yuan, and the average annual usage amount is 5277.73 yuan, so the actual annualized interest rate is 17.05%.
Through the above calculation, we can calculate the actual annualized interest rate corresponding to each period, as shown below:
Yes! You are not mistaken, the real annualized interest rate of installment repayment you undertake is so high!
In order to calculate the actual annualized interest rate of any bank in any period, we make the following assumptions: suppose the loan amount is a, the credit installment is n, the handling fee rate is r, and the actual annual interest rate is calculated as follows:
? The handling fee for each period is: a * R.
? The repayment of each installment is: a/n+a/n+a * r = (a+n * a * r)/n)/n.
? Total handling fee for n periods: a*r*n
? The actual average loan amount in the n-installment is {n * a-a/n * [1+2+...+(n-1)]}/n = a * (1+n)/(2 * n).
Real annualized interest rate p:
p = a * r * n/[a *( 1+n)/(2 * n)]* 12/n = 24 * r * n/( 1+n)
It can be seen from this formula that the actual annualized interest rate P is determined by the installment interest rate R and the number of installments N given by the bank, and P is a increasing function. If the interest rate R is fixed, the greater the number of stages N, the higher the annualized interest rate P; If the interest rate r and the number of periods n increase at the same time, the actual annual interest rate will increase faster, so the general installment interest rate will decrease with the increase of the number of periods. Further analysis of the formula is as follows:
p = 24 * r * n/( 1+n)& lt； 24*r
According to this inequality, no matter how many periods, the actual annualized interest rate of any period is less than 24 times of the current installment interest rate. Because according to Article 6 of the Supreme People's Court's Opinions on People's Courts Handling Lending Cases, the interest rate of private lending shall not exceed four times the interest rate of similar loans of banks. If the interest exceeds this limit, the excess interest will not be protected.
According to this formula P=24*r*n/( 1+n), we can calculate the actual annualized interest rate corresponding to the above two periods (periods 6 and 24) without a specific repayment table:
1, divided into 6 installments, with the rate of 0.80%, so the actual annualized interest rate is16.46%;
2, divided into 24 installments, the rate is 0.72%, so the actual annualized interest rate is 16.59%.
Then, for the above example, the actual annualized cost corresponding to bank installment repayment is calculated as follows:
Do you feel like a rude awakening when you see this real interest rate? No wonder every time you swipe your credit card, no matter how much it is, you will receive a bank SMS reminder or an APP automatic reminder, and this bill can be repaid in installments. Now it seems that there is a feeling of being cheated, and we are bearing the loan interest rate that we should not bear at this age!
Similarly, we can deduce the bank's rate according to the above formula, which should not exceed a certain level:
r=( 1+ 1/n)*P/24
As we know, in general, the number of installments n starts from 3, n = 3,6, 12, 18 ... and then the formula is further deduced:
r =( 1+ 1/n)* P/24 & gt； P/24 and
? r =( 1+ 1/n)* P/24 ≤( 1+ 1/3)* P/24 & lt； 0.0554 * pence
According to this formula, the installment interest rate shall not exceed 0.0554 times of the actual annual interest rate. In this way, according to the Supreme Court's protection requirements for private lending, we use the latest bank loan profits to calculate the corresponding installment interest rate.
The latest RMB loan interest rate table of financial institutions is as follows:
Then, referring to the requirements of the Supreme Court on the interest rate of private lending, the maximum interest rate of private lending for each loan term is shown in the above table, and the part exceeding the above interest rate is not protected by law. According to the standard of private lending, we set the actual annualized interest rate P by installment as the highest interest rate of private lending, and use the formula to reverse the highest installment interest rate within the corresponding period, as follows:
As can be seen from the above table, the highest installment rate is divided into three grades: 0.96%, 1.05%, 1.07%. According to the highest private lending standard protected by law, regardless of the number of installments, the highest installment interest rate is 1.07%. If the actual installment interest rate exceeds this level, even private lending is not protected by law.
Based on the above analysis, we get a formula to calculate the actual annual interest rate of installment payment, that is, P=24*r*n/( 1+n). According to the formula, knowing the installment interest rate and the number of installments, we can calculate the actual borrowing cost and get the highest installment interest rate protected by law.
Young people, when we are still working hard and have not achieved financial freedom, we should spend according to our own actual situation, use less installment payment, and unload the burden brought to you by the loan interest rate that we should not bear at this age!