Enter a loan balance or principle, the total length of the loan, and the annual interest rate (%) to calculator the daily interest owed on the loan.
Daily Interest Formula
The following formula is used by the calculator above to determine the daily interest of a loan or mortgage.
DI = LB X AIR / 365
- Where DI is the daily interest ($)
- LB is the loan balance ($)
- AIR is the annual interest rate
- 365 is the number of days in a year
This formula calculates the total interest your would pay each day on a loan throughout it’s lifetime. This will not equal your actual payments since that is most often paid in terms of months.