Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 150,070 units (Dollar, Euro, Pound, etc.), from date: Sep 9, 2018, to date: Sep 30, 2019, namely for a period of 386 days (12 Months and 21 Days), with an annual simple flat interest rate of 5.5% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 150,070


Annual simple interest rate, R = 5.5%


From date: Sep 9, 2018


To date: Sep 30, 2019


Duration, T = 386 days (12 Months and 21 Days)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(150,070 × 5.5% × 386) ÷ 365 =


(150,070 × 5.5 × 386) ÷ (365 × 100) =


318,598,610 ÷ 36,500 ≈


8,728.72904109589 ≈


8,728.73

B = Amount earned:

B = P + I =


150,070 + 8,728.72904109589 =


158,798.72904109589 ≈


158,798.73

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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