Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 3,200 units (Dollar, Euro, Pound, etc.), from date: Oct 4, 2017, to date: Nov 4, 2017, namely for a period of 31 days, with an annual simple flat interest rate of 7% if the commission fee (withdrawal or payment) is 0.5%.

Principal (initial amount), P = 3,200


Annual simple interest rate, R = 7%


From date: Oct 4, 2017


To date: Nov 4, 2017


Duration, T = 31 days


Commission fee (withdrawal or payment), F = 0.5%


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(3,200 × 7% × 31) ÷ 365 =


(3,200 × 7 × 31) ÷ (365 × 100) =


694,400 ÷ 36,500 ≈


19.024657534247 ≈


19.02

B = Amount earned before deducting the
commission fee (withdrawal or payment):

B = P + I =


3,200 + 19.024657534247 =


3,219.024657534247 ≈


3,219.02

D = Amount earned after deducting the
commission fee (withdrawal or payment):

D = B - F =


B - F% × B =


(1 - F%) × B =


(1 - 0.5%) × 3,219.024657534247 =


99.5% × 3,219.024657534247 ≈


3,202.929534246576 ≈


3,202.93

Pr = Investment profit:

Pr = D - P =


3,202.929534246576 - 3,200 =


2.929534246576 ≈


2.93

Signs: % percent, ÷ divide, × multiply, ≈ approximately equal;

Writing numbers: comma ',' as thousands separator; point '.' as a decimal mark;

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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