Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 800 units (Dollar, Euro, Yen, Pound, Franc, etc.), from date: Apr 4, 2017, to date: Apr 20, 2017, namely for a period of 16 days, with an annual simple flat interest rate of 2.33% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 800


Annual simple interest rate, R = 2.33%


From date: Apr 4, 2017


To date: Apr 20, 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 =


(800 × 2.33% × 16) ÷ 365 =


(800 × 2.33 × 16) ÷ (365 × 100) =


29,824 ÷ 36,500 ≈


0.817095890411 ≈


0.82

B = Amount earned:

B = P + I =


800 + 0.817095890411 =


800.817095890411 ≈


800.82

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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