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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.

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

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

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

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