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| *Loan,banking and credit>>>credit line |
How to calculate interest due on a line of credit? |
How to calculate interest due on a line of credit? simple: ((R/365)*30)*P where R = Interest rate P = outsanding principal In effect you figure out the average daily interest rate (R/365) then multiply by the number of days in the period (30 days, on the average) and then multiply that by the outsanding balance of the line. It gets a little more complicated when you have multiple line balances throughout the course of a given month but I can get into more details separately if you want. Drop a note. Hope this helped. |
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