Calculate accrued interest and the total amount based on principal, interest rate and number of days.
Interest is the amount paid to a creditor in return for the use of a sum of money over a period or for its late payment. The most common types in law are statutory interest, default (late-payment) interest, and advance interest applied in commercial matters. Rates are linked to legislation and to rates set by the Central Bank.
Where the debtor is in default (once conditions such as maturity and notice are met), the creditor may claim default interest without needing to prove any loss.
This tool uses simple interest: Interest = Principal × (Annual Rate / 100) × (Days / 365). The total is the principal plus accrued interest. Compound interest is, as a rule, applied only where the law permits.
Principal 100,000 ₺, annual rate 24%, 365 days: 100,000 × 0.24 × (365/365) = 24,000 ₺ accrued interest. Total: 100,000 + 24,000 = 124,000 ₺.
Statutory and default rates change periodically with legislation and Central Bank rates; enter the current rate after checking it.
As a rule interest on interest is not charged; it is possible only where the law allows, such as commercial and current accounts.
Usually from the date the debtor falls into default (notice, maturity or filing date).
The result is for information only; the rate varies by interest type and period.