Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 600 units (Dollar, Euro, Pound, etc.), from date: Oct 19, 2017, to date: Nov 19, 2018, namely for a period of 396 days (13 Months), with an annual simple flat interest rate of 8% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 600


Annual simple interest rate, R = 8%


From date: Oct 19, 2017


To date: Nov 19, 2018


Duration, T = 396 days (13 Months)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(600 × 8% × 396) ÷ 365 =


(600 × 8 × 396) ÷ (365 × 100) =


1,900,800 ÷ 36,500 ≈


52.076712328767 ≈


52.08

B = Amount earned:

B = P + I =


600 + 52.076712328767 =


652.076712328767 ≈


652.08

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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