Periodic rate of interest
The total interest (as a percentage) for any given period - for example 0.014% per day.
The given period may be less than one year, equal to one year, or more than one year.
Another example of a periodic rate of interest would be 12.36% per two years.
Not to be confused with the effective annual rate and the nominal annual rate, which are different.
Periodic rates of interest are useful for calculating money amounts of interest payable or receivable.