Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 2,000 units (Dollar, Euro, Pound, etc.), from date: Nov 7, 2017, to date: Oct 7, 2018, namely for a period of 334 days (11 Months), with an annual simple flat interest rate of 54.2% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 2,000


Annual simple interest rate, R = 54.2%


From date: Nov 7, 2017


To date: Oct 7, 2018


Duration, T = 334 days (11 Months)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(2,000 × 54.2% × 334) ÷ 365 =


(2,000 × 54.2 × 334) ÷ (365 × 100) =


36,205,600 ÷ 36,500 ≈


991.934246575342 ≈


991.93

B = Amount earned:

B = P + I =


2,000 + 991.934246575342 =


2,991.934246575342 ≈


2,991.93

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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