![]() ![]() Using the formula, an invoice in the amount of $1,500 paid 10 days late and at an interest rate of 6.625% would be calculated as follows: $1,500 (.066/360*10) = $2.75. d is the number of days for which interest is being calculated.įor example, if payment is due on April 1 and the payment is not made until April 11, a simple interest calculation will determine the amount of interest owed to the vendor for the late payment.r is the Prompt Payment interest rate and.P is the amount of principal or invoice amount.This is the formula the calculator uses to determine simple daily interest: P(r/360*d) ![]() Press the View Report button to see a complete amortization schedule, either by month or. Because this calculator is date sensitive, it is a suitable tool for calculating simple interest owed on any debt. Per simple interest is 'interest payable only on the principal.' Interest is never earned or collected on previous interest. Please enter the Prompt Payment interest rate: Change your monthly payment, loan amount, interest rate or term. This simple interest calculator calculates interest between any two dates. Initial amount (): Interest rate (): Period: See also: Daily Interest Calculator. If a payment is more than a month late, use the Monthly Compounding Interest Calculator. Use this daily interest calculator to calculate your daily savings interest. If a payment is less than 31 days late, use the Simple Daily Interest Calculator. To use this calculator you must enter the numbers of days late, the amount of the invoice in which payment was made late, and the Prompt Payment interest rate, which is pre-populated in the box. The following on-line calculator allows you to automatically determine the amount of simple daily interest owed on payments made after the payment due date. Please enable JavaScript to use all features. Some features of this site will not work with JavaScript disabled. ![]()
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