Calculate Effective Interest Rate On Loan

It is necessary to know about all terms and the formulas to calculate effective interest rate before taking loan. This term will show you how much interest you have to pay for the loan. The equation for calculation of interest rate is 

r = (1 + i/n)^n – 1. 

r = your effective interest rate, 
i = stated interest rate in its decimal format (3% is 0.03) and 
n = the number of times the interest compounds in a year. 


With the help of effective interest rate calculator you can calculate the effective annual interest rate based on the nominal annual interest rate and the number of compounding periods per year.

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