I clarified it in another post I've been stuck on this for a while and i can't find anything previously posted about it online I also am guessing this is on money he borrowed and is being charged this daily periodic rate on his balance
nude
If they are getting that sort of a rate on a deposit and it's compounded daily that would be a really nice return for keeping your money on.
From the credit card statement fine print
“to figure your periodic interest charges for each billing cycle when a monthly periodic rate (s) applies, we use the average daily balance method (including new transactions).” so, in my last billing cycle, my statement balance was $3700 I paid $2700 by the due date, leaving $1000 remaining. Just noticed interest accrues daily on auto loan Should i pay more often, then
This is my first major loan and i just noticed that interest accrues 'per diem' (i don't know what i was expecting otherwise Call me naive) anyway, does that mean i would pay less in interest if i paid more frequently, say every friday? I did a little research, and i’d like some clarification Boa uses something called the daily periodic rate (dpr), which is apr divided by 365, for any balances subject to interest charges.
Hey everyone, does anyone know or have a formula on how to calculate the daily interest for a line of credit, i'm trying to figure out how much interest a month that would be charged on my loc.
Interest charges are calculated on a monthly basis Since months vary in length, most credit card issuers use a daily periodic rate (dpr) to calculate interest charges The dpr is calculated by dividing the apr by 365 That number is then multiplied by the average daily account balance and by the number of days in the statement billing cycle.
The interest on the principal of the loan compounds daily, so if you're paying off the loan daily (as opposed to monthly) you're having that daily compounding interest on slightly less each day than you would if you only paid once a month. To figure out the daily rate, take your annual interest rate (11%) divided by 365 = 0.000301369 This is the daily periodic rate If you take 0.000301369 x the outstanding balance ($10,000) = $3.01 per day
This is about $91 per month as calculated by u/sircarboy.
How do i calculate compound interest with monthly contributions
