Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 1,280 units (Dollar, Euro, Pound, etc.), from date: Jul 6, 2018, to date: Jul 6, 2019, namely for a period of 365 days (12 Months), with an annual simple flat interest rate of 235% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 1,280

Annual simple interest rate, R = 235%

From date: Jul 6, 2018

To date: Jul 6, 2019

Duration, T = 365 days (12 Months)

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

No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =

(1,280 × 235% × 365) ÷ 365 =

(1,280 × 235 × 365) ÷ (365 × 100) =

109,792,000 ÷ 36,500 =

3,008

B = Amount earned:

B = P + I =

1,280 + 3,008 =

4,288

Signs: % percent, ÷ divide, × multiply;

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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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