Calculate payments based on APR

[Kenneth Brody]

Robert T. Repko (R Squared Consultants) wrote:
[...]
> Is it possible to get a daily payment amount instead of monthly.  I 
> can see the need to calculate a daily rate so when people make 
> payments I can calculate the principal and interest for x number of 
> days.  I tried substituting 365 in place of 12 but the numbers didn't 
> come out right. 

In what way didn't they "come out right"?  If you make 365 payments in one 
year, then you divide the yearly interest rate by 365 to get the per-period 
interest rate, just as you would divide by 12 for 12 monthly payments.

-- 
Kenneth Brody