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To calculate the Annual Percentage Rate (APR) from an interest rate, you can use the following formula: APR = (interest rate x 365 days) / (365 – number of days in the term of the loan). This formula assumes a 365-day year, which is typically used in financial calculations. The result will be the APR expressed as a decimal, which can then be multiplied by 100 to convert it into a percentage.
The effects of interest rates are often not directly felt but play out over a long time as valuations of real-estate and other assets adjust.
At Horizon65, we created a mobile app that enabled you to check the effect of high interest rates on your savings and to simulate potential investments that can defend against it.
Download our app and start gaining insight into your current and future finances.
Horizon65 for iPhone
Horizon65 for Android