The daily interest loan calculator on this page will help you to quickly calculate either simple or compounding interest for a specified period of time.
You can either calculate daily interest for a single loan period, or you can create a loan schedule made up of multiple periods, each with their own timeframes, principal adjustments, and interest rates.
Plus, you can print out a copy of the running balance schedule so you can just start from where you left off on your next visit.
All these features make the calculator ideal for tracking personal loan interest, promissory note interest, or other types of ownerfinanced, interest bearing notes.
And finally, in case you're wondering how this calculator came into being, it was born out of the following email I received:
I need a simple interest, daily accumulated interest to do a running balance due including principal. Spreadsheet?
Example, I loan a customer $13,000.00 on a note, 10% annual (360 day) simple interest. The loan is usually secured, sometimes not. Generally these are 6 month notes but due dates are not important. No regular payments, monthly or otherwise.
Here is what and where I need help on.
At some point in time my borrower may send me a payment of $9,050.00 which is applied to the note and then 2 months later borrows $2,750.00, increasing the note. Then the next month, the borrower sends me $500.00 for the next three months running to be applied to the note.
I love getting those kinds of emails! They get my wheels turning and allow me to serve others through a work I love.
Now, if you're like me, and need to know what's going on "under the hood", here is how I set up the calculator to calculate daily interest.
To illustrate how to calculate daily interest, I'll use the following example:
To calculate the daily simple interest on a $10,000, 10% note for 90 days (please allow for rounding differences):
Since we're calculating simple interest, the $246.60 is not added to the principle for any subsequent periods.
To calculate the daily compounding interest on a $10,000, 10% note for 90 days (please allow for rounding differences):
Since we're calculating compound interest, the $249.54 is added to the principal for the next compounding period.
With that, let's use the daily interest calculator to calculate simple or compounding interest for one or more loan timeframes.

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