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**

**Determine the Annual Interest Rate**: This is usually given by your financial institution.**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:

**Annual Interest Rate**: 5% or 0.05**Interest Rate****Per Day**: 0.0137%**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.