I don't know why, but I can never seem to calculate my own interest on loans. I owe a student loan, I have no clue how they come up w/that #
@geekygirlsarah the key is knowing what day they apply the previous payment. apply daily rate to all possible values and 1 will be right
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@geekygirlsarah also need to know when they compound, etc. -
@EmilyGorcenski yeah, but what's THE formula? How is magic done? -
@geekygirlsarah Convert APR to daily rate (assume compounded monthly). Apply daily rate to each day's balance. Sum. Will draft an example...
End of conversation
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