# Thread: Calculating Daily Interest Rate from APR Thanks: 0 Likes: 0

1. ## Calculating Daily Interest Rate from APR

Question in the title really, is there an excel function to calculate a daily interest rate from an APR? The APR is compounded daily, maybe there is another way?

Thanks

2. ## Re: Calculating Daily Interest Rate from APR

You after something like the following:
Sheet1

 H I 5 10% Effective rate (APR) 6 0.0261% Daily rate 7 9.5323% Nominal Daily Rate 8 9 Proof 10 100 Initial Investment - for 1 year 11 110 Payment at maturity

 Cell Formula H6 =(1+H5)^(1/365)-1 H7 =H6*365 H11 =H10*(1+H6)^365

3. ## Re: Calculating Daily Interest Rate from APR

How come you don't multiply H6 by 100 like you do in the APR formula?

4. ## Re: Calculating Daily Interest Rate from APR

It's already a percentage so need to multiply it by 100. Maybe I misunderstood your question?

5. ## Re: Calculating Daily Interest Rate from APR

Because the cell is formatted as % so you don't need to scale it with 100.

Another question though, the amount of days in a year, 365, do interest rates include holydays etc?

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