Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 1,001,949.76 units (Dollar, Euro, Yen, Pound, Franc, etc.), from date: Apr 17, 2007, to date: Apr 30, 2007, namely for a period of 13 days, with an annual simple flat interest rate of 16% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 1,001,949.76


Annual simple interest rate, R = 16%


From date: Apr 17, 2007


To date: Apr 30, 2007


Duration, T = 13 days


Commission fee (withdrawal or payment), F = 0%


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(1,001,949.76 × 16% × 13) ÷ 365 =


(1,001,949.76 × 16 × 13) ÷ (365 × 100) =


208,405,550.08 ÷ 36,500 ≈


5,709.741098082192 ≈


5,709.74

B = Amount earned:

B = P + I =


1,001,949.76 + 5,709.741098082192 =


1,007,659.501098082192 ≈


1,007,659.5

Signs: % percent, ÷ divide, × multiply, ≈ approximately equal;

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Calculate simple flat rate interest on a principal borrowed, lent

Simple flat rate interest = (Principal × Annual simple flat interest rate × Duration in days) ÷ Number of days in a year

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