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Earn +20 ptsQ: What is better daily or monthly compound interest?
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What is the interest rate of 13.75 percent compounded monthly is equivalent to a daily compounded interest rate?
14.651
If the daily interest rate is 3.50 percent what is the annual interest rate?
3.5% interest compounded daily is equivalent to 3.562% annual yield.(It can't possibly be 3.5% daily. That would compound to 28,394,072% in a year.)
What is the daily interest rate if the annual interest rate is 16.75 percent based on 365 days in the year?
If the interest rate yearly is 16.75% then the daily interest rate will be 16.75%. The daily, weekly, monthly, or hourly rate doesn't change from one time frame to the next.
What is 'Annual Equivalent Rate'?
Interest payments can calculated annually, quarterly, monthly, daily or even continuously. To enable consumers to compare rates quoted over different periods, many authorities require financial institutions to calculate the total compound interest over a year. That is the AER.
150 if invested for three years at a 9 percent interest rate?
$194.25 if interest is compounded annually. A little more if compounded quarterly, monthly, or daily.
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