Pacific Automotive Network’s interest rate refers to the repayment interest rate for equal amounts of principal and interest, that is, the monthly repayments are equal. The rate refers to the ratio of the total interest/total loan amount. The interest rate, monthly payment, etc. can be directly calculated through the rate.

1. Different concepts: The rate refers to the rate of payment of fees, while the interest rate refers to the ratio of interest and principal within a certain period. 2. Fee collection methods are different: the loan fee is calculated as a fee and needs to be paid in one go, but the interest rate is calculated as interest and is generally paid in installments. 3. The early repayment settlement method is different: the rate is calculated as a handling fee. Even if the loan is repaid early, the borrower must repay it in one go, but the interest rate is different. If you want to repay early, the interest will be settled on the day of early repayment. . 4. Different scopes of application: Rates are mostly used to calculate credit card installment fees, while interest rates are used for loans.

Based on the current mainstream interest rates in the market, make a calculation. For a loan of 100,000 yuan, the interest rate is 4%: 1-year loan, interest = 100,000 * 4% = 4,000 yuan, monthly repayment = (100004000)=8666.67 yuan. ?Through the loan amount, monthly payment, and term, it can be deduced that the annual interest rate = 7.3%, the interest rate is 7.3%/the fee rate is 4%? 1.83. That is: when the one-year interest is the same, the interest rate is 1.83 times the rate.

(Photo/Text/Photo: Chen Hanlin of Pacific Automotive Network)

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