Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 40,000 units (Dollar, Euro, Pound, etc.), from date: Aug 31, 2018, to date: Sep 30, 2023, namely for a period of 1,856 days (61 Months without 1 Days), with an annual simple flat interest rate of 0.4% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 40,000


Annual simple interest rate, R = 0.4%


From date: Aug 31, 2018


To date: Sep 30, 2023


Duration, T = 1,856 days (61 Months without 1 Days)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(40,000 × 0.4% × 1,856) ÷ 365 =


(40,000 × 0.4 × 1,856) ÷ (365 × 100) =


29,696,000 ÷ 36,500 ≈


813.58904109589 ≈


813.59

B = Amount earned:

B = P + I =


40,000 + 813.58904109589 =


40,813.58904109589 ≈


40,813.59

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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