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: Nov 22, 640, to date: Nov 22, 2018, namely for a period of 503,304 days (16,536 Months), with an annual simple flat interest rate of 2% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 100


Annual simple interest rate, R = 2%


From date: Nov 22, 640


To date: Nov 22, 2018


Duration, T = 503,304 days (16,536 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 × 2% × 503,304) ÷ 365 =


(100 × 2 × 503,304) ÷ (365 × 100) =


100,660,800 ÷ 36,500 ≈


2,757.830136986301 ≈


2,757.83

B = Amount earned:

B = P + I =


100 + 2,757.830136986301 =


2,857.830136986301 ≈


2,857.83

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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