Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 1,201 units (Dollar, Euro, Pound, etc.), from date: Aug 1, 2008, to date: Aug 1, 2018, namely for a period of 3,652 days (120 Months), with an annual simple flat interest rate of 0.02% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 1,201


Annual simple interest rate, R = 0.02%


From date: Aug 1, 2008


To date: Aug 1, 2018


Duration, T = 3,652 days (120 Months)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(1,201 × 0.02% × 3,652) ÷ 365 =


(1,201 × 0.02 × 3,652) ÷ (365 × 100) =


87,721.04 ÷ 36,500 ≈


2.403316164384 ≈


2.4

B = Amount earned:

B = P + I =


1,201 + 2.403316164384 =


1,203.403316164384 ≈


1,203.4

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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