Sentences with phrase «daily interest rate x»
The mathematical formula used to calculate monthly interest charges is the same for most card companies: average daily balance x periodic daily interest rate x number of days in a billing cycle.
https://www.debt.org/
These days, nearly all car loans are calculated using simple interest loans, which is calculated by multiplying the principal x the daily interest rate x the number of days between payments.
Most companies have a mathematical formula that looks like this: average daily balance x periodic daily interest rate x number of days in a billing cycle = finance charge.
Not exact matches
When multiplied by the daily interest rate of 0.04932 percent, the second day interest charge is (0.0004932 x $ 500.2465), or $ 0.2467.
Total Credit Card Interest for Month = Balance x Daily Periodic Rate x Number of Days in Billing Cycle
An $ 8000 line of credit at 6 % simple annual interest has a daily interest rate of $ 1.32 ($ 8,000 x 6 % ÷ 365 = $ 1.32).