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how to calculate daily compound interest on a loan. The term of the loan can affect the structure of the loan in many ways. Loan term - the number of monthly payments also called the loans term eg.
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Add 1 to the daily rate. Assuming the contract has a 365-day year some are 360 the daily interest rate can be found by dividing 15 by 365. This includes the amount of money you will be investing or saving the length of the term and the.
Find the Interest Rate Input loan amount number of months required to pay off the loan and payment amount to calculate the interest rate on the loan.
P the principal investment amount. Find the Number of Payments. R the daily interest rate decimal t the number of days the money is invested for. Convert the percent interest rate to a decimal.
