Then 1 year interest = principal × interest rate× deposit period = 50000 *10% *1= 5000 yuan.
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 set as 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‰, that is, the daily interest rate per thousand yuan deposit is 1.5 cents.
Interest rate conversion, in which the conversion relationship among annual interest rate, monthly interest rate and daily interest rate is:
Annual interest rate = monthly interest rate × 12 (month) = daily interest rate ×360 (days);
Monthly interest rate = annual interest rate ÷ 12 (month) = daily interest rate ×30 (days);
Daily interest rate = annual interest rate ÷360 (days) = monthly interest rate ÷30 (days).
Extended data:
Provisions of the Supreme People's Court on Several Issues Concerning the Application of Law in the Trial of Private Lending Cases
Article 26 If the interest rate agreed between the borrower and the lender does not exceed the annual interest rate of 24%, and the lender requests the borrower to pay interest at the agreed interest rate, the people's court shall support it.
The interest rate agreed between the borrower and the borrower exceeds the annual interest rate of 36%, and the interest agreement in excess is invalid. The people's court shall support the borrower's request to the lender to return the part of the interest paid that exceeds 36% per annum.
Article 27. The loan amount specified in debt certificates such as IOUs, receipts and IOUs is generally recognized as the principal. If interest is deducted from the principal in advance, the people's court shall confirm the actual amount lent as the principal.
Baidu encyclopedia-interest calculation formula
Court Network in Pingfang District-Some Issues on Applicable Law in the Trial of Private Lending Cases