Daily Compound Interest Calculator is a free online tool that displays the compound interest based on a daily basis. BYJU’S online daily compound interest calculator tools make the calculation faster and it displays the compound interest in a fraction of seconds.
How to Use the Daily Compound Interest Calculator?
The procedure to use the daily compound interest calculator is as follows:
Step 1: Enter the principal amount, interest rate, and time period in the input field
Step 2: Now click the button “Calculate” to get the result
Step 3: Finally, the compound interest based on a daily basis will be displayed in the output field
What is Meant by Daily Compound Interest?
In mathematics, the compound interest is defined as the interest in which the interest is added to the principal amount, which includes accumulated interest from the previous period of the deposit amount. In this type of interest, the interest can be calculated on any frequency schedule from a daily basis to an annual basis. If the interest rate is compounded on a daily basis, then it is called the daily compound interest. The formula to calculate the daily compound interest is given below