Calculate the interest charged per day on your loans. This is the amount of interest you are charged on a daily basis.[calculator calc=”dailyinterestcharge”]
What is the daily interest calculator?
This interest payable calculator looks to calculate how much interest you are charged (or accrue) on any given day. It takes your loan balance and calculates how much interest you are charged on a daily basis according to your interest rate.
How does the daily interest payable calculator help you?
It’s great to see just how much a debt is costing you. If you work out how much you earn per day at work (after tax) and then subtract the daily costs of your interest, it’s often quite eye opening to see just how slowly we move forward after getting into debt.
The trick? Calculate the interest you pay, ensure you earn more per day than the interest and always look to pay lump sums when you come into money.