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asked 3 months ago
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1. Learn whether ordinary interest (1 yr=360 da) or exact interest (1 yr = 365 da) is being used.
2. Divide the annual interest rate by 360 or 365, depending on the answer to the above question.
3. Multiply that number by the balance.
Example
You want to pay off $8732, which you have borrowed at 6.3%.
$8732.00*(.063/365) = 1.5071...
Your per diem interest is $1.51. (For a 10-day payoff, interest will be $15.07.)
2. Divide the annual interest rate by 360 or 365, depending on the answer to the above question.
3. Multiply that number by the balance.
Example
You want to pay off $8732, which you have borrowed at 6.3%.
$8732.00*(.063/365) = 1.5071...
Your per diem interest is $1.51. (For a 10-day payoff, interest will be $15.07.)
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