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Compound Daily Interest Calculator

 

With the Compound Daily Interest Calculator you can see the effects on daily compounding of interest on your credit card bill. This calculator calculates the daily compounded finance charges. Use it to compare credit card offers.

 

Finance charges are calculated every day, or month depending on your credit card. The finance charges are computed by multipling the beginning daily balance by the periodic rate the result is added to the balance.

Enter the balance, periodic rate (daily or annual APR), days in billing cycle and press the calculate button. Look at your credit card statement to find the daily periodic rate or the APR. Select one or the other from the dropdown box below. Normally the daily periodic rate is less than one, therefore enter it with a leading decimal point (i.e. .04044). Enter the APR as a whole number (i.e. 14.2).


Balance
Days in billing cycle


Most credit card companies compound the interest daily or monthly, which means it adds up fast. In some cases, when paying the minimum, it could take you years to pay it off, meanwhile interest accrues and your credit card bill increases even more.

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