Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 45,000 units (Dollar, Euro, Pound, etc.), from date: Jul 20, 2018, to date: Jul 20, 2021, namely for a period of 1,096 days (36 Months), with an annual simple flat interest rate of 2% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 45,000


Annual simple interest rate, R = 2%


From date: Jul 20, 2018


To date: Jul 20, 2021


Duration, T = 1,096 days (36 Months)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(45,000 × 2% × 1,096) ÷ 365 =


(45,000 × 2 × 1,096) ÷ (365 × 100) =


98,640,000 ÷ 36,500 ≈


2,702.465753424658 ≈


2,702.47

B = Amount earned:

B = P + I =


45,000 + 2,702.465753424658 =


47,702.465753424658 ≈


47,702.47

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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