# 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.