Credit card installment is calculated by equal principal and interest. Although the monthly repayment amount remains unchanged, the principal keeps decreasing, which leads to the low utilization rate of funds, so the calculated interest is high.
1, principal and interest repayment method with equal real interest rate
For example, the credit card bill 10000 yuan, the monthly interest rate after bank discount is 0.6%, and the annual interest rate is 0.6% 12 = 7.2%, which looks quite cheap. If it is divided into 65,438+02 installments, the monthly principal is 833 yuan, and the interest is 60 yuan, and the monthly principal plus interest.
However, many people ignore that the monthly interest paid by the equal principal and interest repayment method is fixed, while the principal is decreasing every month. For example, the principal of the first month is 10000, the second month is 10000-833=9 167, and so on, and the last period is 65438+. So what is the actual monthly capital utilization rate of the equal principal and interest repayment method?
( 10000+9 167+8334+750 1+
How to calculate the installment interest rate of credit card?
Annual interest rate = installment fee rate/(number of installments+1)24= single installment fee rate/(number of installments+1)24. The most common installment fee for 12 is 7.2%, which is equivalent to 7.2/( 12+ 1).
ICBC 12 will charge 3.58% handling fee in installments, and the annualized interest rate is 6.6 1%, which is equivalent to 1 multiple of the one-year loan benchmark interest rate of 6.0%, and will charge 0.0358/1324 = 0.06609 = 6.665438 in installments. The down payment is 0.0358/1324/(1-0.0358) = 0.06854 = 6.85%.
In this case, each bank has different charging standards (high or low), different charging methods (installment or lump-sum payment) and different charging categories (consumption installment, bill installment, credit card mall installment or physical mall installment). Specifically, you should go to the credit card websites of major banks, or call the customer service of the credit card center to explain it to you in detail.
This is divided into nominal interest rate and real interest rate.
nominal interest rate
Nominal interest rates are relatively simple. There is no need to calculate at all. Suppose you spend 6000 yuan on your credit card and want to repay it in 12 installments. The bank tells you that the handling fee rate of each period is 0.6%, so the annual interest rate is 0.6 12=7.2%, so you need to share the principal of 6000+ every month.
Of course, in addition to the phased fees, there is also a one-time fee, which will take the first place compared with the analysis fee, but the first phase needs to return all the fees at one time, which is suitable for your own decision.
actual interest rate
After reading the above example, do you feel that something is wrong? Obviously, the principal owed is getting less and less, but you still have to pay interest according to the total amount. By the way, this is a math game. To know the interest rate you pay for each penny, you must introduce a concept, the real interest rate.
It's complicated to say. Fortunately, excel and wps both provide internal formulas for us to use. Let me teach you how to calculate the real interest rate with a formula.
It's still 6000 yuan, divided into 12 installments, and the rate of each installment is 0.6%. The first line, the principal is 6000, and the second to thirteenth lines, the monthly repayment is 436. Note that because the repayment and the loan principal are opposite, we need to enter -436, and then on the fourteenth line, click the formula in the menu bar, select IRR function, and select the first line to the thirtieth line. You can get the monthly real interest rate 1.0862%, and then multiply it by 12 months, which is the annual real interest rate 13.03%.
How to calculate the annualized interest rate of credit card installment?
ICBC credit card installment fee is charged in one lump sum. Handling fees for the third installment 1.65%, 6 installment 3.6%, 9 installment 5.4%, 12 installment 7.2%, 18 1.7%, and 24 installment 15.6%. Conditions for applying for a credit card: 1. At least 18 years old, but not more than 65 years old; 2. Need my second-generation ID card; 3. There is a work certificate and income certificate stamped with the financial chapter of the unit; 4. No bad credit record; 5. Other financial certificates, such as real estate, automobiles, stocks and bonds. Credit card application process: 1. Fill in the application form; 2. The information of the bank itself and a copy of the information; 3. The bank sends it to the credit card center; 4. The credit card center conducts audit, business card printing and card issuance; After getting the card, I opened the card and waited for the password letter.
Remarks: It is mandatory to be at least 18 years old to apply for a credit card, but it is easy to be rejected without a work certificate. Therefore, if there is no company, it is best to have fixed assets such as real estate or cars, or a stable source of income. You can also go to a bank with transactions, get a bank running water certificate, and apply to the bank. If the income source is relatively stable, the application success rate is still very high.
The calculation method of handling fee is: transaction amount × monthly rate × number of periods. Although the handling fee may be charged in the first payment or once a month, the amount of the two is the same. With the increase of repayment, the money owed to the bank decreases, but the handling fee will not decrease with the progress of repayment, which is different from the calculation method of bank loan interest. Compared with the current benchmark interest rate of 1 annual loan of 6.3 1%, some people may think that the annual installment fee rate of 6% for credit cards may not be high, but after careful calculation, the actual fee paid is higher than the loan interest in the same period.
Taking the consumption of 6,000 yuan as an example, if one-year installment payment is adopted, the total handling fee will be paid: 6,000× 6% = 360 yuan. However, according to the standard of one-year benchmark interest rate of the bank, the average capital method is used to repay the loan monthly, and the total interest paid by the loan in one year is 6,000× 6.31%12×/kloc-. That is to say, when the annual interest rate of consumer loans is greater than 1 1.08%, installment payment is more cost-effective.
How much is the interest on credit card installment?
The credit card installment interest rate is determined by the issuing bank according to the credit status of the cardholder. Generally, the monthly interest rate is around 0.75%, which translates into an annual interest rate of 9%. However, the cardholder owed the bank 654.38+0 million only in the first month. With the monthly repayment, the debt is getting less and less, leaving only 833 yuan in the last month. However, the monthly interest rate is still calculated according to the total loan amount, and the real interest rate is much higher than 9%.
Extended data:
For example, the credit card bill 10000 yuan, the monthly interest rate after bank discount is 0.6%, and the annual interest rate is 0.6% 12 = 7.2%, which looks quite cheap. If it is divided into 65,438+02 installments, the monthly principal is 833 yuan, and the interest is 60 yuan, and the monthly principal plus interest.
However, many people ignore the fact that the monthly interest paid by the equal principal and interest repayment method is fixed, while the principal is decreasing every month. For example, the principal of the first month is 10000, and the principal of the second month is 10000-833=9 167.
By analogy, by the end of1February, the principal is 833 yuan, and the interest is 60 yuan. The real interest rate in the last month is 60/833=7.2%, which is many times higher than 0.6 per month.
This is the end of the introduction of credit card installment annual interest rate and credit card installment annual interest rate. I wonder if you found the information you need from it?