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 36,300 Units (Dollar, Euro, Pound, etc.) for an Investment Duration Period of 269 Days (9 Months without 4 Days), With an Annual Simple Interest Rate of 3.7%. The Transaction Fee Is 1%.
Detailed simple (flat rate) interest calculations
Notations and variables used:
Simple (flat rate) interest amount, I
Principal (initial amount), P = 36,300
Annual simple interest rate, R = 3.7%
From date: Jun 16, 2016
To date: Mar 12, 2017
Duration, T = 269 days (9 Months without 4 Days)
Transaction fee rate, F% = 1%
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 =
(36,300 × 3.7% × 269) ÷ 365 =
(36,300 × 3.7 × 269) ÷ (365 × 100) =
36,129,390 ÷ 36,500 =
989.846301369863 ≈
989.85
Calculate the amount earned after adding the simple (flat rate) interest to the principal, E
E = P + I =
36,300 + 989.846301369863 =
37,289.846301369863 ≈
37,289.85
Calculate the amount left after deducting the transaction fee, L
F = F% × E ⇒
L = E - F =
E - F% × E =
(1 - F%) × E =
(1 - 1%) × 37,289.846301369863 =
99% × 37,289.846301369863 ≈
36,916.947838356164 ≈
36,916.95
Calculate the profit of the investment, Pr
Pr = L - P =
36,916.947838356164 - 36,300 =
616.947838356164 ≈
616.95
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