Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 800 units (Dollar, Euro, Pound, etc.), from date: Jan 10, 2019, to date: Feb 5, 2019, namely for a period of 26 days, with an annual simple flat interest rate of 30% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 800


Annual simple interest rate, R = 30%


From date: Jan 10, 2019


To date: Feb 5, 2019


Duration, T = 26 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 × 30% × 26) ÷ 365 =


(800 × 30 × 26) ÷ (365 × 100) =


624,000 ÷ 36,500 ≈


17.095890410959 ≈


17.1

B = Amount earned:

B = P + I =


800 + 17.095890410959 =


817.095890410959 ≈


817.1

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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