Interest Rate Converter
Convert between APR (Annual Percentage Rate), monthly rate, daily rate, and effective annual rate (EAR). Uses standard financial formulas for accurate conversions.
How to Use Interest Rate Converter
The Interest Rate Converter helps you convert between different interest rate formats used in finance. Enter any rate type — APR (nominal annual rate), monthly rate, daily rate, or effective annual rate (EAR) — and instantly see all equivalent rates. Uses standard financial compounding formulas: EAR = (1 + monthly)^12 - 1. Essential for comparing loan offers, credit card rates, savings accounts, and investment returns that quote rates differently.
Step-by-Step Instructions
- Select the type of rate you are entering (APR, monthly, daily, or EAR)
- Enter the rate as a percentage
- Click Convert Rate to see all equivalent rates
- Compare APR vs EAR to understand true cost of borrowing
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