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how to calculate daily interest on credit card. For most credit cards the average billing cycle is about 30 days. Because months vary in length eg January is 31 days and February is 28 days most companies use DPRs to calculate interest.
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Interest Rate 365 gives the daily interest rate also referred as Daily Periodic Rate you pay on the Credit Card Balance. The video above walks you through that process in detail but heres a general overview of how it works. Because months vary in length eg January is 31 days and February is 28 days most companies use DPRs to calculate interest.
Calculating Credit Card Interest 1 Calculate the monthly interest amount.
You can calculate your daily period rate in three steps as follows. Calculate Daily Periodic Rates DPR. At the end of each day the card issuer will multiply your current balance by the daily rate to come up with the daily interest charge. Simply input the variables click the Calculate Credit Card Interest button and youll learn not only the total amount of interest youll pay but also.
