APR Calculator
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The periodic interest rate is the interest rate applied per compounding period (day, month, quarter). It converts the annual rate to the rate used in payment calculations. Monthly rate = Annual rate / 12.
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Tip: Mortgage monthly rate is exactly APR/12. This is why the same APR produces different payments at different frequencies — monthly beats biweekly because of how the periodic rate is applied.
- 1Monthly rate = Annual rate / 12
- 2Daily rate = Annual rate / 365 (or 360 for some loans)
- 3Quarterly rate = Annual rate / 4
- 4EAR = (1 + periodic rate)^periods − 1
| Period | Formula | 6% annual example |
|---|---|---|
| Daily | APR / 365 | 0.01644%/day |
| Monthly | APR / 12 | 0.5%/month |
| Quarterly | APR / 4 | 1.5%/quarter |
| Semi-annual | APR / 2 | 3%/half-year |
| Annual | APR / 1 | 6%/year |
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Fun Fact
Credit card companies calculate interest daily using the DPR (Daily Periodic Rate = APR/365). A 20% APR credit card charges 0.0548% per day on the outstanding balance — which compounds to 22.13% EAR.
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