Interest (year) = principal× annual interest rate (percentage )× deposit period = principal× interest rate× time.
Deposit interest rate is the ratio of interest amount to deposit amount in a certain period, which can also be called deposit interest rate. The deposit interest rate can be divided into annual interest rate, monthly interest rate and daily interest rate. Major banks will float a certain percentage on the benchmark interest rate announced by the People's Bank of China to determine the specific deposit interest rate of customers.
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Matters needing attention in calculating personal loan interest:
1. If both parties have agreed on the interest rate in the loan contract or IOU, the interest shall be calculated according to the interest rate agreed by both parties.
2. If there is no agreed interest in the loan contract or the promissory note, or the agreement is unclear, according to Article 8 of the Supreme People's Court's Opinions on People's Courts Hearing Loan Cases, if there is a dispute between the borrower and the borrower on whether there is an agreed interest rate and it cannot be proved, the interest can be calculated with reference to the bank's similar loan interest rate. In actual cases, whether to pay interest or not, the court has discretion, and the judgment of whether to pay interest has legal basis.
3, personal loans, the parties can clearly agree on interest-free loans. If the repayment period is agreed, the borrower fails to repay the loan on time, or the repayment period is not agreed, and the borrower still fails to repay the loan after being urged by the lender, the lender may demand to pay the interest after the urging, and the interest shall be calculated with reference to the similar loan interest rate of the bank.
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