If the daily rate of interest on a loan is 0.1%, what is the annual rate.
The daily rate of interest on a loan is 0.1%. Let the number of days in a year be 365. The equivalent annual rate of interest is x% where
x = `(1 +0.1/100)^365 - 1`
The annual interest rate equivalent to a daily interest rate of 0.1% is 44.025%