Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 7,200 units (Dollar, Euro, Pound, etc.), from date: Nov 6, 2017, to date: Nov 10, 2017, namely for a period of 4 days, with an annual simple flat interest rate of 9% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 7,200


Annual simple interest rate, R = 9%


From date: Nov 6, 2017


To date: Nov 10, 2017


Duration, T = 4 days


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(7,200 × 9% × 4) ÷ 365 =


(7,200 × 9 × 4) ÷ (365 × 100) =


259,200 ÷ 36,500 ≈


7.101369863014 ≈


7.1

B = Amount earned:

B = P + I =


7,200 + 7.101369863014 =


7,207.101369863014 ≈


7,207.1

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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