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What is the daily interest on $10,000 over 15 years at 5% interest rate.

 Jul 9, 2015

Best Answer 

 #1
avatar+423 
+5

Assuming it is not compound interest (Since if it was, the daily gain would change on a yearly basis):

1 year of interest = 10,000 * 5%

= 10,000 * 1/20

= 10,000/20

= 500

 

1 day of interest = 500/365

= $1.37

 Jul 9, 2015
 #1
avatar+423 
+5
Best Answer

Assuming it is not compound interest (Since if it was, the daily gain would change on a yearly basis):

1 year of interest = 10,000 * 5%

= 10,000 * 1/20

= 10,000/20

= 500

 

1 day of interest = 500/365

= $1.37

Sir-Emo-Chappington Jul 9, 2015

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