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Daily Compound Interest Calculator
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Daily compound interest calculator is a math calculator to compute the compound interest of the particular amount. If we know the rate of interest and the time period for an initial or principal amount, we can calculate the daily compound interest using the given formula.

Daily Compound Interest

Where A is the total amount
          P is the initial amount
          r is the annual interest rate
          t is the number of years
 

Steps for Daily Compound Interest Calculator

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Step 1 :  

Pick the values of P, r, t from the question.




Step 2 :  

Substitute the values in the given equation.

A=P(1+$\frac{r}{365})^{365×t}$




Step 3 :  

To find out the daily compound interest, subtract the principal amount from the total amount


That is, C=A-P



Problems on Daily Compound Interest Calculator

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  1. An amount of 8000 is borrowed at a rate of 6%. Calculate the total amount and daily compound interest after 2 years?


    Step 1 :  

    The given parameters are,


    P=8000, r=6%=0.06, t=2



    Step 2 :  

    To find out the total amount, substitute the given values in the equation,


    A=P(1+$\frac{r}{365})^{365×t}$


    A=8000$\times (1+\frac{0.06}{365})^{(365\times 2)}$


    A=8000$\times$1.127485


    A=9019.8858



    Step 3 :  

    Daily compound interest is given by,


    C=A-P


    C=9019.8858-8000=1019.8858



    Answer  :  

    Total amount, A=9019.8858

    Daily compound interest, C=1019.8858



  2. Calculate the total amount and daily compound interest of an amount 15,000 after 4 years when the rate of interest is 3%?


    Step 1 :  

    From the question it is clear that,


    P=15000, r=3%=0.03, t=4



    Step 2 :  

    To find out the total amount, substitute the values in the given equation


    A=P(1+$\frac{r}{365})^{365×t}$


    A=15000$\times (1+\frac{0.03}{365})^{(365\times 4)}$


    A=15000$\times$1.127491


    A=16912.3693



    Step 3 :  

    Daily compound interest is given by,


    C=A-P


    C=16912.3693-15000=1912.3693



    Answer  :  

    Total amount, A=16912.3693

    Daily compound interest, C=1912.3693



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