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How Interest is Calculated
The most common reason we are contacted is regarding differences between our calculations and calculations you may have done on paper.
In every case, it has been due to leap years. For each day that we calculate interest for, we use the formula:
TodaysInterest = StartAmount * (InterestRateOnThisDate / 100) / DaysInYear
So for all the days during a leap year, DaysInYear = 366.
If any of our calculations need correcting, Click Here to let us know.