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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.