How do you calculate daily interest?

Answer by  gcmeyer2 (787)

Calculating daily interest is actually pretty easy to do. Follow this simple calculation and you will be able to get it. Take the full interest rate and divide by 365. This will give you the daily rate of interest. Then you can multiply your balance by this rate and it will give you the daily interest.

Answer by  adawg (247)

Take the annual interest and divide by 365, which will provide a daily interest rate. If you want to be very specific, take leap years into account.