- 1). Divide the periodic interest charged by the amount of money owed on the loan. For example, if you pay $64 of interest each month on a $5,000 loan, divide $64 by $1,000, yielding 0.0128.
- 2). Divide the result by the number of days in the period. For example, if each month equals 30 days, divide 0.0128 by 30 to get a date rate of 0.0004267.
- 3). Multiply the daily rate by 100 to convert it to a percentage. Completing this example, multiply 0.0004267 by 100 to find the daily rate of the loan equals 0.04267 percent.
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