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How to calculate interest on high interest loans?

Time: 2012-12-28         Source: Financial 360 original         Author: Li Jing

The biggest concern about usury is its "high interest," thenHow to calculate interest on high interest loansWhat? The loan price of usury refers to the monthly interest of 1 yuan per month. For example, if the loan interest rate is 6 cents, the annual interest rate is 72%, while the gross annual rate is 120%, which is much higher BankLending rates. So, at this rate, how to calculate interest on high interest loans? In general, the calculation method is to roll forward the compound interest method. Compound interest calculation, the formula is:
 
F = P × (1 + i) ^ N (second party)
 
F: Compounding the final value
 
P: principal
 
I: interest rate
 
N: an integer multiple of the time taken for the interest rate
 
Know the above formula, let us give an example of how to calculate the interest of high loan interest. If you borrow 15,000 yuan usury, the agreed interest is 6 points, that is, the monthly interest rate of 6%
 
One year profit and = 15000 × (1 + 6%) ^ 12 = 30182.95 yuan
 
This formula explains why many people go bankrupt because of usury.
 
Usurious misunderstanding
 
There are some misunderstandings about usury, and we should remind everyone here.
 
1, usury is illegal, illegal things are not protected by law. More than 4 times higher than bank interest ratesPrivate lendingEven if usury, if you are a lender, to assume the responsibility of illegally absorbing public deposits at the same time, in the dunning process if you use what illegal means, but also to assume the corresponding legal responsibility.
 
2, if you are a borrower, we must first consider whether you still have to afford, if not afford not to borrow, although the state does not protect usury behavior, but lenders usually have some power, not ordinary people can afford .
 
3, suggest that friends are to apply for a loan to the bank, or find friends and family temporary loans, muddy water usury, most likely a stolen from the ages.

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