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suzietrail · Joined: 22 May 2009 Posts: 1 1.30 Dollars($)

annual interest rate is 5.298%. Last payment was 4/21 09 and I want to pay off $45,604.63 as of today.

gmakerley · Posted: Fri May 22, 2009 11:14 am Post subject:

balance times rate divided by 360 or 365 (depends from lender to lender) - figure on 360 - times the number of days elapsed (4/21 to 5/22).

Guest

after 1 hour of searching I finally found someone who would just give the simple formula

jameshogg · Posted: Tue May 03, 2011 11:13 pm Post subject:

Hi Guest,

You can check out the given page in order to know the steps to calculate daily simple interest:
http://www.mortgagefit.com/discuss/dailysimpleinterest-loancalculation .html

Thanks

I need to know how to figure out the daily interest rate