Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 8,000 units (Dollar, Euro, Pound, etc.), from date: Sep 18, 2017, to date: Oct 18, 2018, namely for a period of 395 days (13 Months), with an annual simple flat interest rate of 16.9% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 8,000


Annual simple interest rate, R = 16.9%


From date: Sep 18, 2017


To date: Oct 18, 2018


Duration, T = 395 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 =


(8,000 × 16.9% × 395) ÷ 365 =


(8,000 × 16.9 × 395) ÷ (365 × 100) =


53,404,000 ÷ 36,500 ≈


1,463.123287671233 ≈


1,463.12

B = Amount earned:

B = P + I =


8,000 + 1,463.123287671233 =


9,463.123287671233 ≈


9,463.12

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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