Posted on: 15th Feb, 2006 10:04am
Daily Simple Interest loan calculation involves a method by which the interest on a mortgage loan is calculated on a daily basis. The loan balance is reduced on the day when the payment is reduced rather than on the day when payment is due.
Under the Daily Simple Interest formulae, the daily interest rate is given by:
Daily Rate= Annual Rate/365
Amount of interest payable each month = Number of days since last payment * principal outstanding balance * Interest Rate factor
Let's take an example where outstanding principal balance is $10000. You've sent in a payment of $170 around 30 days after your previous month's payment. Let's say the interest rate is 8.5% (the interest rate factor is .00022585)
As per the above formulae,
Interest payable each month = 30 * 10000 * .00022585 = $67.7555
Daily Interest = Daily rate * loan balance
Under the Daily Simple Interest formulae, the daily interest rate is given by:
Daily Rate= Annual Rate/365
Amount of interest payable each month = Number of days since last payment * principal outstanding balance * Interest Rate factor
Let's take an example where outstanding principal balance is $10000. You've sent in a payment of $170 around 30 days after your previous month's payment. Let's say the interest rate is 8.5% (the interest rate factor is .00022585)
As per the above formulae,
Interest payable each month = 30 * 10000 * .00022585 = $67.7555
Daily Interest = Daily rate * loan balance
How are you billed for a daily loan that charges daily simple interest if the loan is tied into an index that changes daily. How would you know what your actual payment would be by the due date? In trying to pay the interest early (putting more to principal),.
As far as I know, you will have to divide 4.853% by 365 in order to get the daily simple interest.
Sir,
Kindly help me calculate interest on loan daily basis. i have taken a loan from SBi Bank about Rs. 12500000/- @ the rate of 13% interest. how they calculate interest for this amount.
Regrds,
Jayalakshmi
Kindly help me calculate interest on loan daily basis. i have taken a loan from SBi Bank about Rs. 12500000/- @ the rate of 13% interest. how they calculate interest for this amount.
Regrds,
Jayalakshmi
Hi jayalakshmi,
Are you not from USA?
Any way formula is
interest for one day = amount * interest rate in % / 36500
Are you not from USA?
Any way formula is
interest for one day = amount * interest rate in % / 36500
Please chek the calculators section
http://www.mortgagefit.com/calculators/
Good luck and feel free to ask
http://www.mortgagefit.com/calculators/
Good luck and feel free to ask
Is having a loan calculated by daily simple interest a good deal or a bad deal??
bitten
That woudl depend on what you are goign to compare ti with
Fell free to ask
That woudl depend on what you are goign to compare ti with
Fell free to ask
what is daily interest on 15,100 @ 4%
Welcome anonymous,
You can check out the given daily simple interest calculator in order to find out the calculation: "http://www.csgnetwork.com/simpleloansdailyintcalc.html"
However, in order to use this calculator, you will have to use Javascript enabled and capable browsers.
You can check out the given daily simple interest calculator in order to find out the calculation: "http://www.csgnetwork.com/simpleloansdailyintcalc.html"
However, in order to use this calculator, you will have to use Javascript enabled and capable browsers.
daily interest rate = mortgage * interest rate/ 100 / 365
= 15,100 * 4/ 100 / 365
= 1.65 USD
I hope you got the method & reply
= 15,100 * 4/ 100 / 365
= 1.65 USD
I hope you got the method & reply
hi,
When you know the principal amount, the rate and the time. The amount of interest can be calculated by using the formula:I = Prt
When you know the principal amount, the rate and the time. The amount of interest can be calculated by using the formula:I = Prt
what is the formula used to determine interest factor?
after 11 previous posts, i find it hard to believe that someone would come along and ask that question again. i guess some of them were hard to decipher, though.
amount multiplied by rate divided by 365 days (some calculations use 360 days). maybe the numbers are confusing to some.
amount multiplied by rate divided by 365 days (some calculations use 360 days). maybe the numbers are confusing to some.
as above
Hi djbrunow!
Welcome to forums!
Your question is not clear to me. Can you give some details?
Sussane
Welcome to forums!
Your question is not clear to me. Can you give some details?
Sussane
that didn't look like much of a question, sussane.