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: Oct 24, 2018, to date: Nov 24, 2018, namely for a period of 31 days, with an annual simple flat interest rate of 11.07% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 1,000


Annual simple interest rate, R = 11.07%


From date: Oct 24, 2018


To date: Nov 24, 2018


Duration, T = 31 days


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 × 11.07% × 31) ÷ 365 =


(1,000 × 11.07 × 31) ÷ (365 × 100) =


343,170 ÷ 36,500 ≈


9.401917808219 ≈


9.4

B = Amount earned:

B = P + I =


1,000 + 9.401917808219 =


1,009.401917808219 ≈


1,009.4

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