📊 Interest Rate Converter
Quick conversion between annual, monthly, and daily rates
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📐 Conversion Formulas
Monthly Rate = Annual Rate ÷ 12
Daily Rate = Annual Rate ÷ 360 (banking standard) or ÷ 365 (actual days)
Annual Rate = Monthly Rate × 12
Annual Rate = Daily Rate × 360 (banking standard) or × 365 (actual days)
📖 About Interest Rate
Interest rate is the ratio of interest to principal over a period of time, an important indicator of time value of money.
Rate representation:
- Annual rate: expressed as percentage (%), e.g. 4.35%
- Monthly rate: expressed as per mille (‰), e.g. 3.625‰
- Daily rate: expressed as per ten thousand (‱), e.g. 1.208‱
Notes:
- Banks typically calculate daily rate using 360 days per year
- Actual interest may be calculated using actual days (365 or 366)
- Rates may vary between banks and products