This tool calculates the Daily Interest rate from the Annual interest rate. It also calculates the interest accrued every day.
Calculator
Enter
- Annual Interest Rate
- Principal Amount
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
- Daily Interest Rate: 0.0137%
- Daily Interest: $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.