An annual percentage rate of .5 percent or .005, when divided by 365, is equal to .00137 percent, or .0000137. This cookie is set by GDPR Cookie Consent plugin. Divide your interest rate by the number of payments youll make in the year (interest rates are expressed annually). = 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. So, for example, if youre making monthly payments, divide by 12. The total amount payable to a lender is $1090. Even if it's only for a limited time, it will be worth it to invest. If you take out a $200,000 mortgage at 4% interest over a 30-year term, the calculation looks something like this: $200,000 x 0.04 = $8,000. And the interest rate applied for one year is the annual interest. To calculate daily interest, first convert the interest rate percentage into a decimal by dividing it by 100, then divide that number by 365. 14. Here's how: Calculate the monthly interest rate. Our Interest Calculator deals with fixed interest rates only. Thanks to all authors for creating a page that has been read 940,922 times. The formula to calculate simple interest is: interest = principal interest rate term. Make sure you enter the tenure in years and not months. Simple interest (SI) refers to the percentage of interest charged or yielded on the principal sum for a specific period. Submit Feedback . Time=1 year. We use cookies to make wikiHow great. A staple for math students, absolutely amazing implementation Amazing features going way beyond a calculator Unbelievably user friendly. Your email address will not be published. Where r is in decimal form; r=R/100. Then, multiply 0.75 percent by $20,000 to find the monthly interest due is $150. However, if Derek has a marginal tax rate of 25%, he will end up with $239.78 only because the tax rate of 25% applies to each compounding period. 1. It is a common phrase used to describe an interest rate. If you want to know how to calculate simple interest APR, then watch this quick video!Watch more of my latest videos: https://www.youtube.com/channel/UCNGiXK. Simple Interest Formula is one of the easiest ways of calculating interest on Short term Loans and Advances and Term Loans. Solving math problems can be a fun and rewarding experience. Finally, to get the full cost you need to multiply the annual charge by the number of years specified in the promissory note. into an account with an interest rate of \(5\%\) per annum. So, multiply 0.75 percent by 12 to find that the interest rate per annum equals 9 percent. This calculation . (2) Interest from periodic yield. Numerous variables are available to help you gauge your total investment. It is also called compensation for an opportunity lost. Example 1*. As a result, interest rates and unemployment rates are normally inversely related that is, when unemployment is high, interest rates are artificially lowered, usually in order to spur consumer spending. Multiply it by the balance of your loan, which for the first payment, will be your whole principal amount. However, you may visit "Cookie Settings" to provide a controlled consent. Keep your credit score above 740, says Jay Ferrans, president of JM Financial & Accounting Services. R is interest rate ( APY, expressed as a decimal) N is the number of time periods (usually expressed in years) Say you place $10,000 in a 1.50% APY . The number of periods determines how long your investment will remain in the account untouched, except for the compounding interest that is added. The cookie is used to store the user consent for the cookies in the category "Performance". If you're looking for a fun way to teach your kids math, try Decide math. r = Rate of Interest. Anyone who wants to estimate compound interest in their head may find the rule of 72 very useful. The more frequently interest is compounded within a time period, the higher the interest will be earned on an original principal. Calculating simple interest. How do you calculate interest on a 12 month loan? When it comes to savings and investments, the. 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. Divide the annual interest amount by 12 to calculate the amount of your per annum interest payment that is due each month. Let me try to break it down and calculate the effective interest rate (EIR) in tiers for you! 50,000. For example, if the daily rate is 0.00021918 and the $1,000 invoice is 30-days overdue, the total late fee would be $6.58 . If you want to calculate daily interest using a spreadsheet, keep reading for more information from our Financial reviewer. STEPS: Your total yearly take-home salary = gross salary total deductions = 9.50 lakhs 48,700 = 9,01,300. The rate argument is the interest rate per period for the loan. You must select the interest type as simple interest. How do you calculate current interest rate? UOB Stash. Effective Rate on a Simple Interest Loan = Interest/Principal = $60/$1,000 = 6%. The effective interest rate is calculated through a simple formula: r = (1 + i/n)^n 1. Set up the equation using the formula: Current Market Interest Rate = Annual Interest Payment (future value * coupon rate) / present value. The simple interest formula is: Did you know that the term simple interest was used for the first time in 1798? A = P(1 + rt). Simple interest is the interest earned on an investment at a pre-decided rate of interest for a specific period of time. These cookies ensure basic functionalities and security features of the website, anonymously. Derek owes the bank $110 a year later, $100 for the principal and $10 as interest. This cookie is set by GDPR Cookie Consent plugin. Our Interest Calculator Makes The Numbers Clear. Such extra amount paid is termed as Interest. For instance, a 5% per annum interest rate on a loan worth $10,000 would cost $500. 2. You are to calculate the value that you have at the end of 5 years if that interest rate was to be compounded annually, semi-annually, quarterly, monthly, weekly, or daily (for 365 days every year). Prev Article. Multiply the principal, $10,000, by the annual percentage rate of .5 percent or .005 to calculate interest manually. Now, let us see the formula to calculate the interest for months. Some forms of interest income are subject to taxes, including bonds, savings, and certificate of deposits(CDs). So, our compound interest formula goes as follows: If you need some explanation of the parameters, here you go: Enter the above formula in an empty cell, and it will output $2,979.69 as the result . You inherit $1,000,000 and intend to use it to provide a steady income you dont want to spend it, nor invest it. When the unemployment rate is high, consumers spend less money, and economic growth slows. Time for which the money is borrowed = T = 1 year. 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 the daily interest amount is Sh. 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). 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. It is a liability that appears on the company's balance sheet. Also Check: Interest Rates For 30 Year Fixed. 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. Every month, youll receive $4,166.67 . r and t are in the same units of time. Periodic payments that occur at the end have one less interest period total per contribution. Using interest rate formula, Interest Rate = (Simple Interest 100)/ (Principal Time) Interest Rate = (1000 100)/ (5000 1) Interest Rate = 20%. Cash available for deposit. 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. 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. If someone agrees to lend you a stated sum of money for a. On the calculator, push the exponent button, often a ^ or x^y and then enter . Be it dollar, euro or any other currency, it calculates effectively. The difference goes to the profit of the bank. Calculate interest for the entire period. Multiply the daily interest amount of $.1370 by 365 days; the answer is also $50.00. The total loan repayment required would be $10,000 + $6,000 = $16,000. Divide 12.6825 by 100 to get 0.126825. Compound Interest Rate = P (1+i) t - P. Where, P = Principle. There are two distinct methods of accumulating interest, categorized into simple interest or compound interest. Calculate the interest and the amount he has to pay at the end of a year. You will need to prepare a calculation for each alternative in order to complete your comparison. 2.1 Use the Formula of Compound Interest. Simple Interest = Principal * Interest Rate * Time Period. 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. Please refer to our Inflation Calculator for more detailed information about inflation. 12 P. Hence 12 % per annum means the interest earn on R s. 100 after 1 year is R s. 12. By clicking Accept All, you consent to the use of ALL the cookies. Example: How long would it take to double $1,000 with an 8% interest rate? The correct calculation of interest matters to your bottom line, whether you're borrowing or lending money. 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. = P R T, where P = Principal, R = Rate of Interest in % per annum, and T = Time, usually calculated as the number of years. If you take out a reducing balance loan, your interest payments decline over time. t = Term of the loan/deposit in years. Principal: $5000. It does not store any personal data. So now we will do the calculation this using the simple interest equation i.e. If you're based in Scotland, although you pay different rates of . 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. To solve a math equation, you need to figure out what the equation is asking for and then use the appropriate operations to solve it. In it, the variables represent the following. And the total cash we get back after six months is: (1 + (6/12 x 0.042)) x 1 = 1.021. Using the root button on a scientific calculator to take the 12th root of 1.0404, we get x = 1.00330589. through today's date. A second debt from August 01, 2015 with a principle of $623.12 that is accruing interest of 12% per annum. Related Articles. SI is computed irrespective of any unit. The simple interest calculator works on the mathematical formula: A = P (1+rt) P = Principal Amount. Example 2: James borrowed $600 from the bank at some rate per annum and that amount becomes double in 2 years. R = Interest rate (usually per year, expressed as a decimal). Divide 12.6825 by 100 to get 0.126825. 360 days/year have 30 days/month and 90 days/quarter. See my article, "negative amortization . Remember to use 14/12 for time and move the 12 to the numerator in the formula above. 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. Our fast delivery service ensures that you'll get your order quickly and efficiently. If, for example, the interest is expressed in a yearly rate, such as in a 5% per annum (yearly) interest rate loan, then the number of periods must also be expressed in years. wikiHow is where trusted research and expert knowledge come together. A per annum interest rate can be applied only to a principal loan amount. How Is Daily Periodic Interest Rate Calculated? Put your result into a spreadsheet that appears . All rights reserved. Note that sometimes changes to interest rates may be expressed in basis . Rate of interest per annum = R = 8%. For example, say your car loan charges 14.60 percent simple interest per year. Simple interest is calculated with the following formula: S.I. The step-by-step instructions with screen shots are most helpful and easy to follow. Michael R. Lewis is a retired corporate executive, entrepreneur, and investment advisor in Texas. After class, people asked me how I got the skills done so quick. This article was co-authored by Michael R. Lewis. 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. In the U.S., corporate bonds are almost always taxed. To calculate a monthly rate based on a per annum rate, divide the per annum rate by 12. If you want to calculate daily interest using a spreadsheet, keep reading for more information from our Financial reviewer. Calculate the monthly interest payment. If you want to improve your performance, you need to focus on your theoretical skills. Your monthly interest payment is $25. Math is a way of solving problems by using numbers and equations. e.g., 2% interest per month, 5% per week, 10% per year For example, say you have an annual interest rate of 9 percent on an interest-only loan with a balance of $20,000. Basic rate taxpayers (20%) can earn 1,000 in savings interest per year, without paying tax on the interest. 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, An important distinction to make regarding contributions is whether they occur at the beginning or end of compounding periods. P is principal, or your beginning balance. You also have the option to opt-out of these cookies. Use this quarterly interest calculator to calculate your quarterly savings interest. Divide 9 percent by 12 to find the monthly interest rate is 0.75 percent. Although these largely cannot be controlled, having knowledge of these factors may still be helpful. Effective Rate = (1 + Nominal Rate / n) n 1. It will take 9 years for the $1,000 to become $2,000 at 8% interest. The interest rate of the lending firm is 5 % per annum. Therefore, simple interest for a year, SI = (P R T) / 100 = (20000 8 1) / 100 . Simple interestSimple InterestSimple interest (SI) refers to the percentage of interest charged or yielded on the principal sum for a specific period.read more is levied when a loan is borrowed for one year or less. It is calculated by multiplying the principal amount, the rate of interest per annum and the time for which the money is lent in years. Important: If the compound period is shorter than the payment period, using this formula results in negative amortization (paying interest on interest).). We have made it easy for you to enter daily, weekly, monthly or annually charged interest rates. A loan interest rate payable per annum is a way of calculating monthly interest payments based on an 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. The answer is $50.00. 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. Less than $40,000. If the next billing term passes without receiving the payment for the past due . Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. Solution: Given, the loan sum = P = Rs 20000. When more complicated frequencies of applying interest are involved, such as monthly or daily, use the formula: However, simple interest is very seldom used in the real world. = 0.01 per 90 days. What does 5 interest per annum mean? Then divide the annual interest rate by 365 days to get the daily interest rate. You are free to use this image on your website, templates, etc., Please provide us with an attribution link. Daily Compound Interest refers to the total interest amount, including the amount of interest earned on the initial principal & the amount of interest earned daily. $100 + $10 = $110. How to Calculate the Interest Per Annum on a Monthly Basis. This is added to what is owed after year 1: When the loan ends, the bank collects $121 from Derek instead of $120 if it were calculated using simple interest instead. That's the total interest you will . Calculate the monthly interest rate. Multiply that number by your remaining loan balance to find out how much you'll pay . Our online tools will provide quick answers to your calculation and conversion needs. 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 situation leads to issues during computing simple interest on an amount. 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. Score: 4.8/5 (37 votes) . It's then raised to the 4th power because it compounds every period. 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 . The interest rate is directly proportional to risk, as risk is involved when a lender lends an amount to the borrower. To calculate the maturity value, follow these steps: Step 1: Calculate the rate of interest per quarter: Rate of interest per quarter = 6.25% / 4 = 1.5625% The following is a basic example of how interest works. Download Interest Rate Formula Excel Template, You can download this Interest Rate Formula Excel Template here . If you take out the profits as soon as possible, you'll pocket $50 of interest every year. 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. Jul. If you need help, our customer service team is available 24/7. P = Principal. per annum, quite close to the best fixed deposit interest rate and latest 6-month T . Multiply it by the balance of your loan, which for the first payment, will be your whole principal amount. To calculate interest: $100 10% = $10. Calculate the monthly interest payment. Here we discuss how to calculate Simple and Compound Interest rates in Excel using practical examples and downloadable templates. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. The cookie is used to store the user consent for the cookies in the category "Other. . Then input the date the judgment was awarded and the interest rate attached to the deposited judgment. Develop the tech skills you need for work and life. In the meantime, lets build a FV formula using the same source data as in monthly compound interest example and see whether we get the same result. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Interest is the compensation paid by the borrower to the lender for the use of money as a percent or an amount. These two rates, 15% per year or 1.25% per month, are equivalent to each other. Weekly Interest Calculator. 1.1 Monthly Interest Rate. Simple interest does not include the effect of compounding. A per annum interest rate can be applied only to a principal loan amount. Answer (1 of 5): Calculating Per Annum Interest Divide the annual interest amount by 12 to calculate the amount of your per annum interest payment that is due each month. Divide 9 percent by 12 to find the monthly interest rate is 0.75 percent. The concept of interest is the backbone behind most financial instruments in the world. How do you calculate interest rate per annum? An example involves a supplier offering a credit customer an early-payment discount of 2% for paying an invoice in 10 days instead of paying the full amount in 30 . Multiply this rate by the principal investment to get the amount that your money will earn each day. Calculate interest payments or interest returns in seconds. This calculator for simple interest-only finds I, the simple interest where P is the Principal amount of money to be invested at an Interest Rate R% per period for t Number of Time Periods. Our calculator shows the time value of money and how much interest will be earned or charged on a principal sum at certain interest rate for particular period of time. For example, in this formula the 17% annual interest rate is divided by 12, the number of months in a year. ", http://www.techonthenet.com/excel/formulas/ipmt.php, https://www.ablebits.com/office-addins-blog/2015/01/21/compound-interest-formula-excel/#excel-compound-interest-formula, (Daily Interest Kaise Calculate Kare). The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". Alternatively, you can use the simple interest formula I=Prn if you have the interest rate per month. The daily interest amount can tell you what your exact payoff would be. I discovered that I can make 5x the interest on a special deal offered by the bank that holds my mortgage for my RRSP. . rate is 0.008/12 since you have the 8% annual interest rate compounded monthly. You can use a sample term of one year, which will be entered in cell B3 as "365.". The daily interest earned on this account, for the first month, is $.1370 per day. Tweet. Calculating Daily Interest Using a Computer, {"smallUrl":"https:\/\/www.wikihow.com\/images\/thumb\/d\/d0\/Calculate-Daily-Interest-Step-1-Version-2.jpg\/v4-460px-Calculate-Daily-Interest-Step-1-Version-2.jpg","bigUrl":"\/images\/thumb\/d\/d0\/Calculate-Daily-Interest-Step-1-Version-2.jpg\/aid1357681-v4-728px-Calculate-Daily-Interest-Step-1-Version-2.jpg","smallWidth":460,"smallHeight":345,"bigWidth":728,"bigHeight":546,"licensing":"
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