I need to know how to figure out the daily interest rate

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I need to know how to figure out the daily interest rate

gmakerley

Posted on: 22nd May, 2009 10:56 am

annual interest rate is 5.298%. Last payment was 4/21 09 and I want to pay off $45,604.63 as of today.

Total Reply : 3

balance times rate divided by 360 or 365 (depends from lender to lender) - figure on 360 - times the number of days elapsed (4/21 to 5/22).

gmakerley

Posted on: 22nd May, 2009 11:14 am

after 1 hour of searching I finally found someone who would just give the simple formula

Anonymous

Posted on: 03rd May, 2011 04:58 pm

Hi Guest,

You can check out the given page in order to know the steps to calculate daily simple interest:
http://www.mortgagefit.com/discuss/dailysimpleinterest-loancalculation.html

Thanks

jameshogg

Posted on: 03rd May, 2011 11:13 pm

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