How to Calculate Daily Simple Interest?

How do you calculate simple interest per day?

Calculate Simple Interest Daily

You can calculate Simple Interest in Days by looking at this simple step by step tutorial.
how to calculate simple interest daily
Formula
Simple Interest Daily = (P x R x T / 365) / 100
Where,
P - Principal
R - Interest Rate
T - Time Duration of the Loan / 365 Days.
Formula For Simple Interest Daily
Step 1: Let us assume an example to calculate the simple interest monthly payment.
Principal = Rs. 10,000
Interest Rate = 5%
Time period = 15 days.
Calculate Simple Interest Step1
Step 2: Substitute the values in the formula
Simple Interest in Days = (P x R x T/365) / 100
= (10,000 x 5 x 15 / 365) / 100
= (10,000 x 5 x 0.0411) / 100
Simple Interest in Days= 20.55
Calculate Simple Interest In Days Step2


Related Topics