Alternatively, you can use the simple interest formula I=Prn if you have the interest rate per month. If you're based in Scotland, although you pay different rates of . The daily interest amount can tell you what your exact payoff would be. The interest payableInterest PayableInterest Payable is the amount of expense that has been incurred but not yet paid. Maintaining a good credit score will allow you to access better loan options because youve demonstrated credit trustworthiness. Divide 12.6825 by 100 to get 0.126825. You can also look at your interest payments in a year and see what your annual percentage rate was. . The total loan repayment required would be $10,000 + $6,000 = $16,000. Multiply that number by your remaining loan balance to find out how much you'll pay . For example, if your principal to invest is $10,000, and your savings account is offering .5 percent interest, you will enter "10000" in cell B1 and "=.005/365" in cell B2. This doesn't indicate when the interest is due, which will affect the "effective" interest rate. Here are other examples of how the term is used: Thank you for reading CFIs guide to Per Annum. If you need help, our customer service team is available 24/7. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. Simple Interest Formula: SI = P x R x T/ 100. Simple interest is calculated with the following formula: S.I. Solving math problems can be a fun and rewarding experience. t= number of compounding period for a year, n = number of times interest is compounded per year. t = Number of years. Compounding Daily Interest. On this page, you can calculate simple interest (SI) given principal, interest rate and time duration in days, months or years. Notes: Base formula, written as I = Prt or I = P r t where rate r and time t should be in the same time units such as . becomes. To calculate a monthly rate based on a per annum rate, divide the per . Following, we'll consider the Bank Method and the Stated Rate Method. Not for exact calculations as given by financial calculators, but to get ideas for ballpark figures. Compounding interest requires more than one period, so let's go back to the example of Derek borrowing $100 from the bank for two years at a 10% interest rate. Interest rates in the best savings accounts are above 2%. To calculate a monthly payment based on per annum interest on a reducing-balance loan, multiply the monthly rate by the amount of principal still owed. If you need an answer fast, you can always count on Google. Next, raise 1.126825 to the 1/12th power by entering "1.126825^(1/12)" to get 1.01. In simple words, the interest rate is the rate at which the lender charges the amount over the principal landed by the lender. On the calculator, push the exponent button, often a "^" or "x^y" and then enter "(1/12)". 15. Similarly, If the interest is compounded, the amount received at the time of maturity A = P ( 1 + R 100) T. So, if the rate of interest is 12 % p.a, the amount received at the time of maturity A = P 1 + 12 100 1 i.e., 1. . The cookie is used to store the user consent for the cookies in the category "Other. Answer (1 of 9): A "per annum" interest rate just means the amount of interest charged for one year, as a percentage of the amount borrowed. rate is 0.008/12 since you have the 8% annual interest rate compounded monthly. Cite this content, page or calculator as: Furey, Edward "Simple Interest Calculator I = Prt" at https://www.calculatorsoup.com/calculators/financial/simple-interest-calculator.php from CalculatorSoup, Download Interest Rate Formula Excel Template, You can download this Interest Rate Formula Excel Template here . Derek owes the bank $110 a year later, $100 for the principal and $10 as interest. Divide the annual interest rate by the loan term in months. Multiply it by the balance of your loan, which for the first payment, will be your whole principal amount. So, multiply 0.75 percent by 12 to find that the interest rate per annum equals 9 percent. Our Interest Calculator above allows periodic deposits/contributions. Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. Evaluate the equation for calculating the current market interest rate. This article has been viewed 940,922 times. Using the loan details above, divide 15 by 12 to get 1.25%. How do you calculate interest on a 12 month loan? These cookies ensure basic functionalities and security features of the website, anonymously. We use cookies to make wikiHow great. This formula works best for interest rates between 6 and 10%, but it should also work reasonably well for anything below 20%. The control of inflation is the major subject of monetary policies. Where: R = quoted yield per conventional year = 0.04 (= 4%) days = number of days in the investment period = 90. year = number of days in a conventional year = 360 for. It will take 9 years for the $1,000 to become $2,000 at 8% interest. He founded Auto Broker Club in 2014 out of a passion for cars and a unique talent for customizing the car dealership process to be on the buyers side. The answer is $50.00. This is a simple interest loan. Loan interest rate payable per annum is a method for figuring periodic interest payments based on an annual percentage rate. In this formula, r represents the effective interest rate, i represents the stated interest rate, and n represents the number of compounding periods per year. Determine the amount that is past due. Often "per annum" is omitted, as in "I have a 4% mortgage loan." or "This bond pays interest of 6%." Example of Per Annum. If you take out a reducing balance loan, your interest payments decline over time. In this case, its $100,000. Using the loan details above, divide 15 (the interest rate) by 12 (the loan term in months) to get 1.25%. A free, comprehensive best practices guide to advance your financial modeling skills, Financial Modeling & Valuation Analyst (FMVA), Commercial Banking & Credit Analyst (CBCA), Capital Markets & Securities Analyst (CMSA), Certified Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management (FPWM). You May Like: Citizens Bank Saving Interest Rates. So, if there was a balance of $10,000 on the loan, $100 of interest accrues each month. The cookie is used to store the user consent for the cookies in the category "Analytics". Every year, you get $50,000 . The interest rate is usually shown as an annual figure; it will need to be divided by 365 in order to reach the daily interest rate. That monthly interest rate won't change until you make an additional principal payment because the $150 you pay each month only pays the accrued interest and the principal remains at $20,000. 12 P. Hence 12 % per annum means the interest earn on R s. 100 after 1 year is R s. 12. We have made it easy for you to enter daily, weekly, monthly or annually charged interest rates. Calculating interest rates is not only easy, it can save you a lot of money when making investment decisions. Question: Problem #4: You are to start with $32,000, and earn interest at a rate of 7% per annum. Let's assume that you have invested 5,000 per month in an SBI RD account for a tenure of 2 years, and the current interest rate is 6.25% per annum compounded quarterly. For example, say you have an annual interest rate of 9 percent on an interest-only loan with a balance of $20,000. Your email address will not be published. By using our site, you agree to our. Similarly, the total interest for a 0-6 month deposit (6/12 of a year) at a quoted rate of 4.2% per annum (from Table 1, above) is: (6/12 x 0.042) x 1 = 0.021. As a result, a fixed amount of money will relatively afford less in the future. The average inflation rate in the U.S. in the past 100 years has hovered around 3%. Divide your interest rate by the number of payments youll make in the year (interest rates are expressed annually). It states that in order to find the number of years (n) required to double a certain amount of money with any interest rate, simply divide 72 by that same rate. He has a BBA in Industrial Management from the University of Texas at Austin. The ClearTax Simple Interest Calculator shows you the simple interest you have earned on any deposits. 4 How do you calculate monthly payment with interest? Using some calculus, mathematicians have developed a formula that simulates interest that is compounded and added back to the account in a continuous stream. When it comes to contracts, per annum refers to recurring obligations or those that occur each year throughout an agreement. There are times when borrowers, depending on the manual method, people pay unpaid interest before principal. This interest is added to the principal, and the sum becomes Derek's required repayment to the bank for that present time. Using the loan details above, divide 15 (the interest rate) by 12 (the loan term in months) to get 1.25%. T = Number of time periods (generally one-year time periods).Oct 14, 2022 By signing up you are agreeing to receive emails according to our privacy policy. For example, if the invoice was due on June 1st, and the new statement date is July 1st, the invoice would be 30 days past due. Simple Interest Formula is one of the easiest ways of calculating interest on Short term Loans and Advances and Term Loans. To keep learning and developing your knowledge of financial analysis, we highly recommend the additional CFI resources below: Learn accounting fundamentals and how to read financial statements with CFIs free online accounting classes. You must choose the time duration in days, weeks, quarters, or years. Determine the number of days the invoice is past due. There's always plenty to be done, and you'll feel productive and accomplished when you're done. A per annum interest rate can be applied only to a principal loan amount. 2. In this case, Interest is not calculated on Interest Amount accruing on the loan amount, likewise in the case of the Compound Interest Formula. How to Convert an Interest Rate to Decimal Format. Time=1 year. Insert bond information and complete the calculation. Some forms of interest income are subject to taxes, including bonds, savings, and certificate of deposits(CDs). Calculate interest payments or interest returns in seconds. For example, if a bank charges an interest of 3% on a loan per annum, it means that you will need to pay an additional 3% of the principal amount every year until the end of the contract. Dont Miss: Home Loan Current Interest Rates. Using the function PMT(rate,NPER,PV) =PMT(17%/12,2*12,5400) the result is a monthly payment of $266.99 to pay the debt off in two years. A borrower borrows $1000 from a lender for nine months at an interest rate of 12%. e.g., 2% interest per month, 5% per week, 10% per year Then, add 1 to the result. I discovered that I can make 5x the interest on a special deal offered by the bank that holds my mortgage for my RRSP. Simple Interest Formula. Per annum is a Latin term that means annually or each year. 1. The practice makes it more convenient to . Example: How long would it take to double $1,000 with an 8% interest rate? T = Number of time periods (generally one-year time periods).Oct 14, 2022, Monthly Interest Rate Calculation Example Convert the annual rate from a percent to a decimal by dividing by 100: 10/100 = 0.10 Now divide. The per annum interest rate refers to the interest rate over a period of one year with the assumption that the interest is compounded every year. The simple interest calculator will show the accrued amount that includes both principal and the interest. Apply Formula to Calculate Effective Interest Rate in Excel. The formula for calculating simple interest is: (P x r x t) 100. Where: P = Principal Amount. into an account with an interest rate of \(5\%\) per annum. Multiply the result from step 1 by the loan balance. Calculating simple interest. The per annum interest rate refers to the interest rate over a period of one year with the assumption that the interest is compounded every year. The rate argument is the interest rate per period for the loan. The FV function calculates the future value of an investment based on the input data similar to the ones weve discussed, though its syntax is a bit different: The detailed explanation of the arguments can be found in the Excel FV function tutorial. The total amount of a home loan is $1 million and is payable in 10 years. Then divide the annual interest rate by 365 days to get the daily interest rate. No matter how much time passes, youll still have $1 million on that account. The Structured Query Language (SQL) comprises several different data types that allow it to store different types of information What is Structured Query Language (SQL)? t = Term of the loan/deposit in years. To use the simple interest calculator: The basic difference between Simple Interest and Compound Interest is mentioned in the table below: Simple Interest rate is calculated on the principal amount and is paid and the compound interest is the interest on interest and is calculated on the accumulated interest of previous periods. Lets understand it with the help of an instance. For example, in the United States, the middle class has a marginal tax rate of around 25%, and the average inflation rate is 3%. The interest rate of a loan or savings can be "fixed" or "floating." It works most easily with straightforward loans, where you pay the same amount of interest each month on the same amount of principal each month, rather than figuring regularly updated interest amounts on regularly updated principal balances. But opting out of some of these cookies may affect your browsing experience. A = Total accrued amount (Both principal and the interest) 2. The total amount payable to a lender is $1090. Assuming the contract has a 365-day year (some are 360), the daily interest rate can be found by dividing 15 by 365. It's a great way to engage them in the subject and help them learn while they're having fun. Simple interest (SI) refers to the percentage of interest charged or yielded on the principal sum for a specific period. In most developed countries today, interest rates fluctuate mainly due to monetary policy set by central banks. Interest is the compensation paid by the borrower to the lender for the use of money as a percent or an amount. Now, we will calculate the simple interest rate to be paid to a lender on a principal amount of $1000. In the case of Simple Interest, Interest is calculated on the Loan amount, which is also termed as Principal Amount of loan. How do you calculate current interest rate? Where r is in decimal form; r=R/100. You can use the IPMT function to determine daily interest on a mortgage. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. 18 *IMPORTANT: These numbers and formulas might not be accurate or appropriate for your situation. Keep growing Thnx from a gamer student! First, divide the interest rate by 100 to convert it to a decimal. All over this application is awesome, amazing app, shows the exact and correct steps for a question, even in offline mode! There is little difference during the beginning between all frequencies, but over time they slowly start to diverge. Also gives detailed steps and different ways of solving the given equations, though doesn't always show the way I would solve the equation as the application has a higher level lever of mathematics that it can apply which can theoretically be problematic if the user doesn't know what the app did to solve the equation. If you do the above math you'll find (1+0.10/4)^4 = 1.1038, which we could round to 1.10, which ends up at your 10% rate. Interest = start amount x periodic yield. In which 0.10 is your 10% rate, and /4 divides it across the 4 three-month periods. This cookie is set by GDPR Cookie Consent plugin. We are always here for you, 24 hours a day, 7 days a week. Now divide that number by 12 to get the monthly interest rate in decimal form: .10/12 = 0.0083. In the U.S., the Federal Reserve can change the rate at most up to eight times a year during the Federal Open Market Committee meetings. You can learn more about financial analysis from the following articles , Your email address will not be published. Divide the annual interest amount by 12 to calculate the amount of your per annum interest payment that is due each month. The formula for calculating Principal amount would be P = I / where Interest is Interest Amount, R is Rate of Interest and T is Time Period. It plays a crucial role in generating higher rewards from an investment.read moreis called interest on interest. It is calculated on the principal amount, and of the time period, it changes with time. Therefore, simple interest for a year, SI = (P R T) / 100 = (20000 8 1) / 100 . If you're looking for a fun way to teach your kids math, try Decide math. Imagine you invested $1,000 in a fund that provided a return of five per cent per annum (compounded monthly). It is also used to calculate interest on a credit card. Best Mutual Funds For Rising Interest Rates, Current Interest Rate For 30 Year Mortgage, Banks With The Best Savings Interest Rates, How Much Interest Will I Pay On My Car Loan, Interest Is Up And The Stock Markets Down. It's then raised to the 4th power because it compounds every period. After the modification, the bank will offer interest at a rate of 4.00 percent to 8.51 percent and for senior citizens at a rate of 4.50 percent to 8.76 percent. Let's assume that Derek wanted to borrow $100 for two years instead of one, and the bank calculates interest annually. You are free to use this image on your website, templates, etc., Please provide us with an attribution link. These cookies track visitors across websites and collect information to provide customized ads. To calculate Simple Interest, we need the Amount Borrowed along with the period for which it has been borrowed and the Rate of Interest. = P R T, where P = Principal, R = Rate of Interest in % per annum, and T = The rate of interest is in percentage r% and is to be written as r/100. Interest Rate: 10% per annum. That's the total interest you will . Laws vary by state in reference to interest rates limits and compounding of interest. Weekly Interest Calculator. It is a liability that appears on the company's balance sheet. So now we will do the calculation this using the simple interest equation i.e. In general parlance, Interest refers to the additional amount paid for obtaining monetary assistance from the lender. Fantastic job. You can also find free spreadsheet applications online such as Google Docs or Zoho Sheet. Compound Interest Rate = P (1+i) t - P. Where, P = Principle. The step-by-step instructions with screen shots are most helpful and easy to follow. i= Annual interest rate. To calculate simple interest on your loan each month, divide your annual interest rate by 12 to find the monthly interest rate. There are two distinct methods of accumulating interest, categorized into simple interest or compound interest. You are free to use this image on your website, templates, etc., Please provide us with an attribution linkHow to Provide Attribution?Article Link to be HyperlinkedFor eg:Source: Interest Rate Formula (wallstreetmojo.com). Inflation is defined as the general increase in the price of goods and services and the fall in the purchasing power of money. Recommended Reading: Usaa Money Market Account Interest Rate. If you want to calculate daily interest using a spreadsheet, keep reading for more information from our Financial reviewer. To determine what the math problem is, you will need to take a close look at the information given and use your problem-solving skills. UOB Stash. The practice makes it more convenient to compare different interest rates from various sources when looking for a loan. LIBOR is a commercial rate calculated from prevailing interest rates between highly credit-worthy institutions. Effective Rate on a Simple Interest Loan = Interest/Principal = $60/$1,000 = 6%. For example, if you pay back $10,000 of your 3 percent interest $20,000 loan after six months, your payments for the remaining six months of the year are calculated by multiplying the monthly rate of 0.0025 by the remaining balance of $10,000. Save my name, email, and website in this browser for the next time I comment. 19. That will work out to an average interest rate of about 4% p.a. An important distinction to make regarding contributions is whether they occur at the beginning or end of compounding periods. A second debt from August 01, 2015 with a principle of $623.12 that is accruing interest of 12% per annum. Or, if the interest rate is 1.6 percent per quarter, there are four, To calculate a monthly interest payment based on a per annum interest rate, multiply the principal basis for the loan by the annual interest rate. You also have the option to opt-out of these cookies. General customers can now deposit money for 999 days and receive an interest rate of 8.51%, while senior citizens can receive an interest rate of 8.76%. This will help you better understand the problem and how to solve it. Groww SI calculator uses this formula to help easily determine interest rates and gauge the increase in the value of the initial investment. Simple Interest (SI) is a way of calculating the amount of interest that is to be paid on the principal and is calculated by multiplying the principal amount with the rate of interest and the number of periods for which the interest has to be paid. = P R T, where P = Principal, R = Rate of Interest in % per annum, and T = Time, usually calculated as the number of years. Reddit. That way, you can better understand what the question is asking and how to solve it. To maintain the value of the money, a stable interest rate or investment return rate of 4% or above needs to be earned, and this is not easy to achieve. The Rate in Simple Interest refers to the Rate of Interest of Loans or the Rate at which you have lent money to someone or invested your money in any investment scheme. All rights reserved. That monthly interest rate won't change until you make an additional principal payment because the $150 you pay each month only pays the accrued interest and the principal remains at $20,000. Score: 4.8/5 (37 votes) . After class, people asked me how I got the skills done so quick. Certain types are fully taxed while others are partially taxed; for example, while interest earned on U.S. federal treasury bonds may be taxed at the federal level, they are generally exempt at the state and local level. Divide 12.6825 by 100 to get 0.126825. This is because interest is also earned on interest. The per annum interest rate refers to the interest rate over a period of one year with the assumption that the interest is compounded every year. 15000 at an interest rate of 5% for almost 2 years. Tweet. Our Interest Calculator Makes The Numbers Clear. Although these largely cannot be controlled, having knowledge of these factors may still be helpful. For the first year, we calculate interest as usual. This is the power of compound interest everyone likes to talk about, illustrated in a concise graph. 1, 1995, through June 30, 2008: 10% per annum simple interest. t= number of compounding period for a year. 3 Suitable Ways to Calculate Interest Rate in Excel. Be it dollar, euro or any other currency, it calculates effectively. It is closely related to interest rates on a macroeconomic level, and large-scale changes in either will have an effect on the other. Bank pays interest half-yearly on saving account deposits. If you want to improve your performance, you need to focus on your theoretical skills. Total amount payable to be lender = P (1+i) t. A borrower took a personal loan from ABC bank, he borrowed $5000 amount from a bank at the interest rate of 10%, for a time period of 5 years, compounded yearly then compound interest will be: So from the above calculation of Compound Interest will be: This article has been a guide to Interest Rate Formula. Multiply the result from step 1 by the loan balance. Less than $40,000. Since we're calculating simple interest, the $246.60 is not added to the principle for any subsequent periods. For example, say your car loan charges 14.60 percent simple interest per year. The correct calculation of interest matters to your bottom line, whether you're borrowing or lending money. Building confidence in your accounting skills is easy with CFI courses! Next, raise the number to the 1/12th power with a calculator. In general, one of their main goals is to maintain steady inflation . It is a common phrase used to describe an interest rate. For example, say you have a loan that is accruing interest at 12.6825 percent per year that compounds interest monthly. Divide the annual interest amount by 12 to calculate the amount of your per annum interest payment that is due each month. It is calculated on the principal amount, and of the time period, it changes with time. If you're borrowing money, you need to make sure you're not being overcharged by the bank and that you budget for the amount of principal and interest you will pay each month. R = Rate of Interest per year as a percent; R = r * 100. t = Time Periods involved. I have several debts owed to me that I need to track. Please calculate (i) the interest and (ii) the total cash returned, from a 0 . Finally, multiply 0.01 by 100 to find the monthly rate is 1 percent. 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