Interest Per Day Calculator

The Interest Per Day Calculator helps you figure out how much interest you pay or earn each day. Whether you’re saving money or managing a loan, this tool gives you an easy way to see how interest builds up day by day.

How Does It Work?

It’s simple! You just need three things:

• Principal: The amount you’re saving or borrowing.
• Interest Rate: The percentage rate you pay or earn yearly.
• Time: How long you want to calculate for (in days).

Simple Interest Formula:

Daily Interest = Principal × Interest Rate / 365

Compound Interest Formula:

Daily Compound Interest = P × (1 + r / 365)ᵗ − P

In plain English, the first formula gives you simple interest, while the second is for compound interest (where interest is added to your principal every day).

Why Is This Important?

Knowing how much interest you pay or earn each day is a big deal. Whether you’re saving for something big or paying off a loan, this info helps you make smart decisions. With the Interest Per Day Calculator, you get the facts fast.

For example, if you have a loan, it shows you how fast the debt grows. For savings, it tells you how much your money is working for you. Simple as that!

How to Use the Calculator

Using the calculator is easy. Just follow these steps:

1. Enter your Principal: This is how much money you have or owe.
2. Input your Interest Rate: Type in the annual rate as a percentage.
3. Choose the Time Period: How many days do you want to calculate for?
4. Click Calculate: Get your answer instantly!

Example Calculation

Let’s say you want to see how much daily interest you’ll earn on $10,000 at 5% annual interest for 30 days.

Step 1: Simple Interest

Daily Interest = (10000 × 0.05) / 365 = 1.37

So, for every day, you earn about $1.37 in interest.

Step 2: Compound Interest

Daily Compound Interest = 10000 × (1 + 0.05 / 365)³⁰ − 10000 = 1.38

With compound interest, you earn about $1.38 per day. It’s just a tiny bit more because of how compound interest works!

Simple vs. Compound Interest

Here’s the deal: Simple Interest is based only on your original amount. It’s like a flat fee. Compound Interest is different it adds interest to your balance every day. That means you earn or owe more as time goes on.

Final Thoughts

The Interest Per Day Calculator makes it super easy to know exactly how much you’re paying or earning every day. It’s simple, fast, and accurate. Whether it’s for a loan, a savings account, or a mortgage, this tool gives you the info you need.

FAQs

How do you calculate interest per day?

You can calculate daily interest by dividing your principal by 365 and multiplying by the interest rate. For compound interest, it’s a bit more complex because the interest is added to your balance every day.

How much interest do I earn daily?

Enter your savings amount and interest rate into the calculator, and it will tell you exactly how much interest you’re earning each day.

How much interest do I pay per day?

It works the same way. Just enter the loan amount, interest rate, and time period, and the calculator shows your daily interest.

What's the difference between simple and compound interest?

Simple interest is based only on your original amount. Compound interest adds interest to your balance every day, so it grows faster.