What is the formula to figure compound interest on a daily
level. Just the interest though not the principle. The reason I ask
is I have a line of credit that the interest is due every 6 months and
I
wanted to be able to predict what it will be as I go through out the
year. In my case the loan will increase as I spend more each month so
the interest will increase as well. ie interest on interest. I know
how to calculate daily interest (Balance*rate/360). For example
January
I spent $9673 at a rate of 8.25% my interest for that month is $66.50
how do I add that to the next month and so on. Thanks for your help
level. Just the interest though not the principle. The reason I ask
is I have a line of credit that the interest is due every 6 months and
I
wanted to be able to predict what it will be as I go through out the
year. In my case the loan will increase as I spend more each month so
the interest will increase as well. ie interest on interest. I know
how to calculate daily interest (Balance*rate/360). For example
January
I spent $9673 at a rate of 8.25% my interest for that month is $66.50
how do I add that to the next month and so on. Thanks for your help
