Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 1 units (Dollar, Euro, Pound, etc.), from date: May 1, 2018, to date: Jun 25, 2018, namely for a period of 55 days (1 Month and 24 Days), with an annual simple flat interest rate of 0.02% if the commission fee (withdrawal) is 0%.

Principal (initial amount), P = 1


Annual simple interest rate, R = 0.02%


From date: May 1, 2018


To date: Jun 25, 2018


Duration, T = 55 days (1 Month and 24 Days)


Commission fee (withdrawal), F = 0%


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(1 × 0.02% × 55) ÷ 365 =


(1 × 0.02 × 55) ÷ (365 × 100) =


1.1 ÷ 36,500 ≈


0.000030136986 ≈


0

B = Amount earned:

B = P + I =


1 + 0.000030136986 =


1.000030136986 ≈


1

Signs: % percent, ÷ divide, × multiply, = equal, ≈ approximately equal;

Writing numbers: comma ',' as thousands separator; point '.' as a decimal mark;

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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