How do you calculate daily interest on a loan?


Quick Answer

Calculate daily interest on a loan by visiting AIE.org and using its online daily interest calculator. This tool is particularly designed for students with academic loans, notes AIE.org.

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Full Answer

Adventures in Education's daily interest calculator enables users to calculate the amount of interest owed since their last payment. The daily interest pertains to the amount of interest on the loan that needs to be paid on a monthly basis.

Aside from computing the daily interest, this calculator featured at Adventures in Education also enables users to estimate the amount of money they can save by making early payments, states AIE.org. To calculate the daily interest on a student loan, follow the steps below.

  1. Visit the Adventures in Education website
  2. Open a Web browser and go to the Adventures in Education website at AIE.org. Click on the "Reduce Debt" link under the "Manage Your Money" menu tab.

  3. Access the daily interest calculator
  4. Click on the "Calculate Daily Interest on Your Loan" link located on the left side of the page.

  5. Provide relevant details
  6. Input the loan principal or balance owed, the annual interest rate and the number of days since the last payment in the corresponding text fields.

  7. Calculate daily loan interest and view results
  8. Click on the "Calculate" button to submit the information. View the daily rate interest factor and the amount of interest owed since the last payment.

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