Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 10 units (Dollar, Euro, Pound, etc.), from date: Jun 15, 2018, to date: Jul 15, 2023, namely for a period of 1,856 days (61 Months), with an annual simple flat interest rate of 488% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 10


Annual simple interest rate, R = 488%


From date: Jun 15, 2018


To date: Jul 15, 2023


Duration, T = 1,856 days (61 Months)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(10 × 488% × 1,856) ÷ 365 =


(10 × 488 × 1,856) ÷ (365 × 100) =


9,057,280 ÷ 36,500 ≈


248.144657534247 ≈


248.14

B = Amount earned:

B = P + I =


10 + 248.144657534247 =


258.144657534247 ≈


258.14

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