Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 500 units (Dollar, Euro, Pound, etc.), from date: Apr 24, 2017, to date: May 24, 2017, namely for a period of 30 days, with an annual simple flat interest rate of 0.8% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 500


Annual simple interest rate, R = 0.8%


From date: Apr 24, 2017


To date: May 24, 2017


Duration, T = 30 days


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(500 × 0.8% × 30) ÷ 365 =


(500 × 0.8 × 30) ÷ (365 × 100) =


12,000 ÷ 36,500 ≈


0.328767123288 ≈


0.33

B = Amount earned:

B = P + I =


500 + 0.328767123288 =


500.328767123288 ≈


500.33

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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