Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 100 units (Dollar, Euro, Pound, etc.), from date: Apr 28, 870, to date: Mar 28, 2017, namely for a period of 418,902 days (13,763 Months), with an annual simple flat interest rate of 0.01% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 100


Annual simple interest rate, R = 0.01%


From date: Apr 28, 870


To date: Mar 28, 2017


Duration, T = 418,902 days (13,763 Months)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(100 × 0.01% × 418,902) ÷ 365 =


(100 × 0.01 × 418,902) ÷ (365 × 100) =


418,902 ÷ 36,500 ≈


11.476767123288 ≈


11.48

B = Amount earned:

B = P + I =


100 + 11.476767123288 =


111.476767123288 ≈


111.48

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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