Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 952 units (Dollar, Euro, Yen, Pound, Franc, etc.), from date: Feb 6, 2018, to date: Jun 6, 2018, namely for a period of 120 days (4 Months), with an annual simple flat interest rate of 8% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 952


Annual simple interest rate, R = 8%


From date: Feb 6, 2018


To date: Jun 6, 2018


Duration, T = 120 days (4 Months)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(952 × 8% × 120) ÷ 365 =


(952 × 8 × 120) ÷ (365 × 100) =


913,920 ÷ 36,500 =


25.038904109589 ≈


25.04

B = Amount earned:

B = P + I =


952 + 25.038904109589 =


977.038904109589 ≈


977.04

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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