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Depends, some banks use interest per 360 days others interest per 365 days, even when in general interest is owed per year.

So for example 5% on 1 Million is 1000000 x 0.05 = 50000, so the multiplicator is created as follows: 100% is 1, 10% is 0.1 and 1% is 0.01, the result you can divide by 12 to get the month or divide by the days (either 360 or 365) to get the daily amount.

For compounding interest the formula is a bit more involved.

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