How do you calculate interest paid daily?

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Solution

Calculating interest paid daily:
You first take the annual interest rate on your loan and divided on a
daily basis to amount to $$ 365$ .
say you owe $$ 10000$ on a loan with $5 %$ annual interest.
you'd divide that rate by $365$
$(0.05 \div 365)$ to reach d daily interest rate of $0.000137$

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