In fact, the calculation of loan interest and penalty interest is very simple. Most of the loans in the market are now mainly calculated on a daily basis, and the loan is repaid at any time, with an annualized rate of xx%. Then how do we calculate our daily income based on the annualized rate? , the following is still a concrete example to demonstrate:
First, let’s list the main indicator elements of our loans:
Loan principal: 100000
Date of birth: 2023-03-17
Expiry date: 2024-04-10
Executive annual interest rate: 7.32%
Issue: 12
Repayment day: 10
Daily interest calculation method 1: This single-day interest is the basis for us to calculate the interest of each period. The current interest is actually equal to the single-day interest * the number of days
Daily interest calculation method 2: annual interest = loan principal * annual interest rate, and daily average interest = annual income / daily interest rate calculation basis, this algorithm calculates daily average interest instead of step-by-step interest, use this method The method can quickly calculate the interest of the entire loan, and the calculation result of the algorithm is consistent with 1.
Formula for calculating penalty interest on a daily basis:
You can practice through excel, and if you have any questions, please feel free to contact us!