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To convert an annual interest rate to a daily rate, you can use a simple mathematical formula. First, divide the annual rate by 365 to get the daily rate. For example, if the annual rate is 10%, the daily rate would be 0.0274% (10% divided by 365). This calculation assumes that interest is compounded daily. If interest is compounded more or less frequently, the calculation will be slightly different.
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