Interest Rate Converter

What is rate conversion?

Convert among annual, monthly and daily nominal rates. Banks often use a 360-day year for loans; some products compare with 365 days.

Formulas

• Monthly = annual ÷ 12
• Daily = annual ÷ 360 or ÷ 365
• Monthly ↔ daily via 30-day approximation

How to use

1. Choose input type and day basis
2. Enter the rate value
3. Read all three outputs

Notes

Nominal conversion is not the same as APR/IRR when fees or odd repayment structures exist.