METHOD
Formula and method
Interest = principal × annual rate / 100 × days / basis.
Simple interest on a principal with a 365 or 360 day year basis
Calculate simple interest with an explicit day-count basis.
01
Your inputs
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02
Your result
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About this result
Informational calculations. Check assumptions, dates and jurisdiction before making a decision.
Full disclaimerHow is simple interest calculated per day?
For simple interest the calculator multiplies the principal by the annual rate and the number of days, then divides by the year basis you choose, 365 or 360 days. Interest is not added to the principal, so no interest is earned on interest. For example, 10,000 KM at 5% a year for 90 days gives 123.29 KM of interest on a 365 day basis. It helps with short loans, deposits and checking the interest charged on a debt.
TRACEABLE
Sources and validity
Basic arithmetic or geometry using the formula shown. Uses only your inputs.
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