Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 1,600 units (Dollar, Euro, Pound, etc.), from date: Nov 15, 2013, to date: Dec 30, 2016, namely for a period of 1,141 days (37 Months and 15 Days), with an annual simple flat interest rate of 8% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 1,600


Annual simple interest rate, R = 8%


From date: Nov 15, 2013


To date: Dec 30, 2016


Duration, T = 1,141 days (37 Months and 15 Days)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(1,600 × 8% × 1,141) ÷ 365 =


(1,600 × 8 × 1,141) ÷ (365 × 100) =


14,604,800 ÷ 36,500 =


400.131506849315 ≈


400.13

B = Amount earned:

B = P + I =


1,600 + 400.131506849315 =


2,000.131506849315 ≈


2,000.13

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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