Simple (Flat Rate) Interest Calculator: Calculate the Annual Simple (Flat) Interest Rate of the Invested Amount of Money (Principal, Initial Starting Amount Lent, Deposited or Borrowed), of 102,940 units (Dollar, Euro, Pound, etc.) To Produce a Sum of Money of 972 units, for a period of 315 days (10 Months and 11 Days). The transaction fee is 0.3%
Detailed calculations of the simple (flat) interest rate
Notations and variables used:
Principal (initial amount), P = 102,940
Amount produced by the interest, I = 972
From date: Aug 11, 2016
To date: Jun 22, 2017
Duration, T = 315 days (10 Months and 11 Days)
Transaction fee rate, F% = 0.3%
Transaction fee amount, F
Number of days in a year, N = 365
Calculate R, the annual simple (flat) interest rate to earn the amount I
The simple (flat rate) interest calculation formula:
I = (P × R × T) ÷ N ⇒
R = (N × I) ÷ (P × T) =
100% × (N × I) ÷ (P × T) =
((100 × N × I) ÷ (P × T))% =
((100 × 365 × 972) ÷ (102,940 × 315))% =
(35,478,000 ÷ 32,426,100)% ≈
1.094118626662% ≈
1.09%
Calculate E, the amount earned after adding to the principal the amount produced by the simple (flat rate) interest
E = P + I =
102,940 + 972 =
103,912
Calculate L, the amount left after deducting the transaction fee
F = F% × E ⇒
L = E - F =
E - F% × E =
(1 - F%) × E =
(1 - 0.3%) × 103,912 =
99.7% × 103,912 =
103,600.264 ≈
103,600.26
Calculate Pr, the profit of the investment
Pr = L - P =
103,600.264 - 102,940 =
660.264 ≈
660.26
Used symbols: % percent, ÷ divide, × multiply, = equal, ≈ approximately equal.
Writing numbers: comma ',' used as thousands separator, point '.' used as a decimal mark.
Simple (flat) interest rate, more calculations:
Calculator: annual simple interest rate to negociate to earn a certain amount
Annual simple flat interest rate = (Simple flat rate interest × Number of days in a year) ÷ (Principal × Duration in days)