Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 1,000 units (Dollar, Euro, Pound, etc.), from date: May 6, 2017, to date: May 6, 2019, namely for a period of 730 days (24 Months), with an annual simple flat interest rate of 0.5% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 1,000


Annual simple interest rate, R = 0.5%


From date: May 6, 2017


To date: May 6, 2019


Duration, T = 730 days (24 Months)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(1,000 × 0.5% × 730) ÷ 365 =


(1,000 × 0.5 × 730) ÷ (365 × 100) =


365,000 ÷ 36,500 =


10

B = Amount earned:

B = P + I =


1,000 + 10 =


1,010

Signs: % percent, ÷ divide, × multiply;

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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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