How to Convert Daily Percentage Rate to Annual Percentage Rate | Sapling
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How to Convert Daily Percentage Rate to Annual Percentage Rate | Sapling
Creditors typically use the daily percentage rate, also known as the daily periodic rate, to calculate finance charges. This method allows borrowers to pay interest based on the actual number of days the money was borrowed rather than calculating by the month, which varies in length from 28 to 31 days.
Oct 10, 2016
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