Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 5,000 units (Dollar, Euro, Pound, etc.), from date: Jun 29, 2017, to date: Jul 15, 2017, namely for a period of 16 days, with an annual simple flat interest rate of 3% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 5,000


Annual simple interest rate, R = 3%


From date: Jun 29, 2017


To date: Jul 15, 2017


Duration, T = 16 days


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(5,000 × 3% × 16) ÷ 365 =


(5,000 × 3 × 16) ÷ (365 × 100) =


240,000 ÷ 36,500 ≈


6.575342465753 ≈


6.58

B = Amount earned:

B = P + I =


5,000 + 6.575342465753 =


5,006.575342465753 ≈


5,006.58

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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