Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 300 units (Dollar, Euro, Pound, etc.), from date: Aug 7, 2017, to date: Aug 15, 2017, namely for a period of 8 days, with an annual simple flat interest rate of 12% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 300


Annual simple interest rate, R = 12%


From date: Aug 7, 2017


To date: Aug 15, 2017


Duration, T = 8 days


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(300 × 12% × 8) ÷ 365 =


(300 × 12 × 8) ÷ (365 × 100) =


28,800 ÷ 36,500 ≈


0.78904109589 ≈


0.79

B = Amount earned:

B = P + I =


300 + 0.78904109589 =


300.78904109589 ≈


300.79

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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