What is the daily interest rate for the following amount: $598 for 186 days at 7.75% APR
assuming a 360-day year, that would be
598 * 0.0775/360 * 186
Sorry, I am very stupid here - - what is the * used for?
* means multiply
Thank you, Ms. Sue
To find the daily interest rate, we first need to convert the Annual Percentage Rate (APR) to a daily rate.
Step 1: Convert the APR to a decimal: 7.75% = 0.0775
Step 2: Calculate the daily interest rate by dividing the APR by 365 (the number of days in a year):
Daily interest rate = 0.0775 / 365 = 0.00021233
Step 3: Multiply the daily interest rate by the amount and the number of days:
Daily interest = 0.00021233 * $598 * 186
Therefore, the daily interest rate for $598 for 186 days at 7.75% APR is the calculated value from the above equation.