How to calculate the loan interest by the credit loan interest

A brief introduction to the algorithm of credit interest in micro-credit

A user carried out a loan of 1000 yuan, the loan period is one months, the final payment on the repayment day is 1060 yuan, that is, the amount of 1000 yuan, one months after the principal is 1000, the interest is 60 yuan! The interest calculation of 2 yuan a day!

And the audit fee of 2 yuan, is still manual audit, artificial loans!

According to this algorithm monthly is 60/1000, this feeling is still very high, a bit high usury feeling oh, the Bank of 1000 loans down is one months 5, this does not know is not so calculate oh, in short, we do not casually borrow money oh, too high oh.