The formula for calculating daily compound interest is A = P(1 + r/n)^nt. A is the amount of money you'll wind up with. P is the principal or initial deposit. r is the annual interest rate (shown ...

This formula essentially multiplies three factors: your student loan’s daily interest rate, outstanding loan balance and the number of days in your billing cycle. Most borrowers have federal ...

The formula for simple interest requires your initial principal balance, annual interest rate, and time in years. Say you put a sum of $800 into a savings vehicle with a 5% annual simple interest ...