Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 35,000 units (Dollar, Euro, Pound, etc.), from date: Dec 20, 2014, to date: Oct 20, 2016, namely for a period of 670 days (22 Months), with an annual simple flat interest rate of 1.2% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 35,000


Annual simple interest rate, R = 1.2%


From date: Dec 20, 2014


To date: Oct 20, 2016


Duration, T = 670 days (22 Months)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(35,000 × 1.2% × 670) ÷ 365 =


(35,000 × 1.2 × 670) ÷ (365 × 100) =


28,140,000 ÷ 36,500 =


770.958904109589 ≈


770.96

B = Amount earned:

B = P + I =


35,000 + 770.958904109589 =


35,770.958904109589 ≈


35,770.96

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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