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Calculate Interest Rate Per Day

This tool can be used to calculate Interest rate per day from the Annual interest rate (%). It also calculates the interest accrued every day.

Calculator

Enter

  • Annual Interest Rate
  • Principal Amount

How to Calculate Interest Rate Per Day

Formula for Daily Interest Rate

Daily Interest Rate = Annual Interest Rate/365

Steps for Calculation

  1. Determine the Annual Interest Rate: This is usually given by your financial institution.
  2. Divide by 365: This will give you the daily interest rate as a percentage (%)

Example Calculation

Suppose you have a savings account with an annual interest rate of 5%, and your principal amount is $10,000. Using the calculator, here’s the daily interest rate and amount:

  1. Annual Interest Rate: 5% or 0.05
  2. Interest Rate Per Day: 0.0137%
  3. Interest per day: $1.37

So, the daily interest accrued on your savings account would be $1.37.

What is Daily Interest?

Daily interest refers to the amount of interest that accrues on a loan, deposit, or investment each day. This calculation is crucial for financial products that compound interest daily, such as savings accounts, credit cards, and some types of loans.

Why Use a Daily Interest Rate Calculator?

Using a daily interest rate calculator can help you:

  • Track Interest Accrual: Understand how much interest is being added each day.
  • Plan Payments: Determine the impact of daily interest on loan repayments.
  • Maximize Savings: Optimize savings strategies by understanding daily interest growth.
  • Compare Financial Products: Evaluate different accounts and loans based on their daily interest rates.

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