Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 550 units (Dollar, Euro, Yen, Pound, Franc, etc.), from date: Jun 19, 2017, to date: Jul 19, 2017, namely for a period of 30 days, with an annual simple flat interest rate of 3% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 550


Annual simple interest rate, R = 3%


From date: Jun 19, 2017


To date: Jul 19, 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 =


(550 × 3% × 30) ÷ 365 =


(550 × 3 × 30) ÷ (365 × 100) =


49,500 ÷ 36,500 ≈


1.356164383562 ≈


1.36

B = Amount earned:

B = P + I =


550 + 1.356164383562 =


551.356164383562 ≈


551.36

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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