About This Calculator
This Daily Interest Calculator helps you estimate the daily interest rate and daily interest amount based on your principal, annual interest rate, and the assumption of 365 days per year. It is designed for simple interest calculations only, and is suitable for savings, short-term lending, or comparing daily returns.
How It Works
- Enter the principal amount (e.g. your savings or loan balance).
- Enter the annual interest rate in percent (e.g. 5 for 5%).
- Click "Calculate" to see the equivalent daily interest rate and daily interest earned.
- The calculator assumes 365 days in a year and uses simple interest only.
Frequently Asked Questions
How is the daily interest rate calculated?
It divides the annual interest rate by 365. For example, 5% annually becomes 0.0137% per day.
Does this calculator use compound interest?
No, it uses simple interest only. It does not compound interest over time.
Can I use this calculator for loans?
Yes. It works for both savings and short-term loan interest estimates where interest is calculated daily.
Is this calculator accurate?
It provides a reliable estimate using standard simple interest logic, assuming a 365-day year. Actual bank calculations may vary.