Q: the car loan is 45000 yuan, the interest is 4.95%, the monthly interest rate is 0.00495, the loan is two years, how much is the monthly repayment? How much is the total interest for two years? About the loan repayment formula, let's take a look with Xiaobian.
45000 is divided into two years (24 months), and the monthly principal repayment is 1875 yuan.
The loan interest is the residual loan multiplied by the interest rate. Since you are paying the principal every month, the loan interest decreases month by month. Loan amount (total amount of loan - loan repaid) * interest rate + monthly principal repayment = total amount of monthly repayment
Your first month's payment is the highest = principal (1875) + loan amount (45000, because you haven't paid yet) * interest rate
Repayment amount in the second month = principal (1875) + loan amount (45000-1875, think you have paid the loan once, so the loan amount will be reduced accordingly) * interest rate
Repayment amount in the third month = principal (1875) + loan amount (45000-1875 * 2, because you have already paid the money for two months) * interest rate
By analogy, we can know the monthly repayment amount (I didn't calculate the monthly management fee and other expenses, which is a simple sum of the owners themselves). The total interest for two years is 2784.375 yuan.