Loan interest rate is the cost of using borrowed funds, usually calculated as a percentage per day. To calculate it, you need to divide the daily overpayment by the loan amount.
Interest Rates on Loans
![Interest Rates on Loans Interest Rates on Loans](https://digitaldeliverygroup.org/wp-content/uploads/2021/06/peer-to-peer-lending-future-of-banking-750x350.jpg)
Loan interest rate is the cost of using borrowed funds, usually calculated as a percentage per day. To calculate it, you need to divide the daily overpayment by the loan amount.