Question: how to calculate how much interest you will pay on a student loan?
Answer: You first take the annual interest rate on your loan and divide it by 365 to determine the amount of interest that accrues on a daily basis. Say you owe $10,000 on a loan with 5% annual interest. You'd divide that rate by 365 (0.05 ÷ 365) to arrive at a daily interest rate of 0.000137.