Adjustable against. Fixed Education loan Interest levels

step one. Very first i calculate the fresh new every day interest rate from the separating brand new annual student loan interest rate of the quantity of days regarding the seasons. installment loans online in Georgia.05 / = 0.00014, otherwise 0.014%

2. After that we estimate the amount of attract that loan accrues for each and every big date by the multiplying the remainder financing equilibrium of the every day attract rate. $20,one hundred thousand x 0.00014 = $2.80

3. We discover the fresh new monthly attention accrued because of the multiplying the fresh each day focus number of the level of weeks just like the last payment. $2.80 x 31 = $84

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