A federal interest rate currency conversion formula business (Note: Inventories General):
1. Japanese interest rate (0 / 000) = annual interest rate (%) ÷ 360 = monthly rate (‰) ÷ 30
2. Month interest rate (‰) = annual interest rate (%) ÷ 12
(B) the number of interest-bearing bank can use plot method and method of calculating interest bearing case by case basis.
1. Positive law the number of interest-bearing account balances accumulated by actual number of days per day in order to plot the cumulative number of times the Japanese rate of interest. Bearing formula is:
Interest = cumulative total number × day interest rate product, which plot the cumulative number of interest-bearing balance = daily totals.
2. Case by case basis bearing France bearing according to a predetermined formula Interest = principal × rate × loan term, interest calculated case by case basis, specifically three:
Per annum on the entire year (month), interest formula is:
Interest = principal × 1 year (months) × number of years (months) interest rate
Per annum on a full year (month) there are odd number of days, interest formula is:
Interest = principal × 2 years (months) a few × year (month) interest rate + a fraction of the number of days the principal × interest rate × days
Meanwhile, interest-bearing bank may elect to calculate the interest of all into actual number of days, 365 days a year (366 days leap year), actual number of days per month for the calendar month, interest-bearing formula is:
3 interest = principal × actual number of days × daily rates
The three formula is substantially the same, but conversion of the interest rate for one year only 360 days, but the real interest rate calculated daily, 365 days a year will be calculated, the result will be a slight bias. Specific formula by which a central bank gives financial institutions the right to choose. Therefore, the parties and financial institutions can work in the contract. Table One is the usual practice of commercial banks.
(Table 1)
Item Number bearing the name of method
An interest-bearing loan to case by case basis method (formula ③)
2 trade finance case by case basis bearing method (formula ③)
3 retail loans
4 equal principal repayment method case by case basis bearing method (formula ②)
5 equal installments of principal and interest repayment method case by case basis bearing method (formula ②)
6 flexible repayment methods case by case basis bearing method (formula ③)
7, a debt service (1 year and below) case by case basis bearing method (formula ①)
8 Quasi Credit Card
9, imprest deposit (personal) plot the number of interest-bearing Law
10 reserve fund deposits (unit) number of interest-bearing plot method
11 units of margin deposits / savings deposits
12, the number of interest-bearing overdraft product method
4 compound: compound interest on the interest that is subject to interest at a certain rate. In accordance with the provisions of the central bank, the borrower fails to pay the contractual interest of time, we must subject to compound interest.
5 penalty: the deadline the lender fails to return the bank loan, bank under a contract with the parties on penalties for missed appointments were called the bank the interest penalty.
6 loans overdue penalty: the nature and the penalty the same as the party in breach of contract penalties.
7, bearing the formulation and filing method
National commercial banks, established corporate design, interest settlement rules and interest-bearing deposit and loan business methods, reported that California Federal Bank headquarters for the record and inform the customer; regional commercial banks and urban credit cooperatives corporate reporting Federal Bank branches, the provincial capital (capital ) City Centre branch of the record and inform the customer; rural credit cooperatives Xianlian She corporation where the county rural credit cooperatives in accordance with the actual situation of development dollars, interest settlement rules and interest-bearing deposit and loan business methods, reported that the Federal bank branches, the provincial capital (capital ) City Centre branch of the record and inform the customer by the Rural Credit Cooperatives.
8 reference:
1. “Federal regulations currency interest rates,” Seniors 77.
2. “California Federal Bank currency lending rates on the federal issue of notice” silver 【1996】 371.
3. “California Federal Bank currency deposits and loans on the federal interest rate calculation and settlement notice” silver 【2005】 241.
Tags: calculation, loan interest