The common unit of private lending is "Li", which means several thousandths. For example, 3% interest is 0.3%, and interest is calculated by time. Before calculation, it is necessary to distinguish whether it is day, month or year.
For example, Zhang San borrowed 1 1,000 yuan from Wang Ermazi, and said that he would pay 7% interest every day and borrow 1 month. So Zhang San means to borrow 10000 from Wang Erma, and give Wang Erma 0.07% daily interest. 1 month later, he will add interest to Zhang San's principal * * *10000+10000 * 0.07% * 30 =102100.
Extended data
Interest rates are generally divided into annual interest rate, monthly interest rate and daily interest rate. Pay attention to the consistency with the deposit period when using interest rates. The annual interest rate is expressed as a percentage, the monthly interest rate is expressed as one thousandth and the daily interest rate is expressed as one thousandth.
If the annual interest rate of 9% is written as 9%, that is, the interest rate per thousand yuan deposit is fixed as 90 yuan for one year, and the monthly interest rate of 6% is written as 6‰, that is, the interest rate per thousand yuan deposit in January is written as 0. 15‰. The conversion formula is: annual interest rate ÷ 12= monthly interest rate; Monthly interest rate ÷30= daily interest rate; Annual interest rate ÷360= daily interest rate.
Baidu encyclopedia-interest calculation formula
Baidu encyclopedia-Li