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To calculate the APR (Annual Percentage Rate) from a daily interest rate, you need to first determine the daily interest rate as a decimal. This can be done by dividing the annual interest rate by 365 (the number of days in a year).
Once you have the daily interest rate, you can calculate the APR by multiplying it by the number of days in a year (365) and then converting the result into a percentage. For example, if the daily interest rate is 0.05%, the calculation would be:
APR = 0.05% x 365 days = 18.25%
Therefore, the APR in this case would be 18.25%. Keep in mind that the APR is a standardized way of representing the cost of borrowing, taking into account both the interest rate and any fees associated with the loan.
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