Simple (Flat Rate) Interest Calculator: Calculate the Sum of Money Earned by a Principal Amount of Money (Initial Starting Amount Lent, Deposited or Borrowed) of 18,800,000 Units (Dollar, Euro, Pound, etc.) for an Investment Duration Period of 28 Days , With an Annual Simple Interest Rate of 12%. The Transaction Fee Is 4%.
Detailed simple (flat rate) interest calculations
Notations and variables used:
Simple (flat rate) interest amount, I
Principal (initial amount), P = 18,800,000
Annual simple interest rate, R = 12%
From date: Feb 23, 2018
To date: Mar 23, 2018
Duration, T = 28 days
Transaction fee rate, F% = 4%
Transaction fee amount, F
Number of days in a year, N = 365
Calculate the amount of the simple (flat rate) interest, I
The simple (flat rate) interest calculation formula:
I = (P × R × T) ÷ N ⇒
I = (P × R × T) ÷ N =
(18,800,000 × 12% × 28) ÷ 365 =
(18,800,000 × 12 × 28) ÷ (365 × 100) =
6,316,800,000 ÷ 36,500 ≈
173,063.013698630137 ≈
173,063.01
Calculate the amount earned after adding the simple (flat rate) interest to the principal, E
E = P + I =
18,800,000 + 173,063.013698630137 =
18,973,063.013698630137 ≈
18,973,063.01
Calculate the amount left after deducting the transaction fee, L
F = F% × E ⇒
L = E - F =
E - F% × E =
(1 - F%) × E =
(1 - 4%) × 18,973,063.013698630137 =
96% × 18,973,063.013698630137 ≈
18,214,140.493150684932 ≈
18,214,140.49
Calculate the profit of the investment, Pr
Pr = L - P =
18,214,140.493150684932 - 18,800,000 =
- 585,859.506849315068 ≈
- 585,859.51
Used symbols: % percent, ÷ divide, × multiply, = equal, ≈ approximately equal.
Writing numbers: comma ',' used as thousands separator, point '.' used as a decimal mark.
More operations, calculate the simple (flat rate) interest:
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