Interest is generally calculated as follows:
(number of days ÷ 365 [see note]) × amount of payment × (interest rate for period ÷ 100)
Note: 366 for a leap year
Last updated 5 March 2020
Interest is generally calculated as follows:
(number of days ÷ 365 [see note]) × amount of payment × (interest rate for period ÷ 100)
Note: 366 for a leap year
QC27745