Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 1,500 units (Dollar, Euro, Pound, etc.), from date: Jun 18, 2018, to date: Jul 18, 2020, namely for a period of 761 days (25 Months), with an annual simple flat interest rate of 6% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 1,500


Annual simple interest rate, R = 6%


From date: Jun 18, 2018


To date: Jul 18, 2020


Duration, T = 761 days (25 Months)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(1,500 × 6% × 761) ÷ 365 =


(1,500 × 6 × 761) ÷ (365 × 100) =


6,849,000 ÷ 36,500 ≈


187.643835616438 ≈


187.64

B = Amount earned:

B = P + I =


1,500 + 187.643835616438 =


1,687.643835616438 ≈


1,687.64

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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