# Calculating Effective Interest Rate (EIR)

# Effective Interest Rate Calculator

The effective interest rate is calculated by nominal interest and nominal periods per year.

Effective Quartely/Monthly/Weekly/Daily Interest Rate

# Effective Annual Interest Rate Formula :

Effective Annual Interest Rate i = (1 + r/n)^{ n} - 1

Where,

r is the Nominal Interest Rate

n is the Number of Payments per year