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What is the daily interest for a 30-day month for calculating Per Diem Interest using a $125,000 loan at 5.15% ?

User Zeeng
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1 Answer

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Final answer:

The daily interest for a 30-day month for a $125,000 loan at 5.15% is $71.375.

Step-by-step explanation:

To calculate the daily interest for a 30-day month using a $125,000 loan at 5.15%, you can use the formula:

Daily Interest = (Loan Amount * Interest Rate) / (Number of Days in a Month)

Plugging in the values:

Daily Interest = ($125,000 * 0.0515) / 30

Calculating, the daily interest would be $71.375

User Kdgregory
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