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: Nov 12, 244, to date: Oct 12, 2000, namely for a period of 641,335 days (21,071 Months), with an annual simple flat interest rate of 14% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 1,000


Annual simple interest rate, R = 14%


From date: Nov 12, 244


To date: Oct 12, 2000


Duration, T = 641,335 days (21,071 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 × 14% × 641,335) ÷ 365 =


(1,000 × 14 × 641,335) ÷ (365 × 100) =


8,978,690,000 ÷ 36,500 ≈


245,991.506849315068 ≈


245,991.51

B = Amount earned:

B = P + I =


1,000 + 245,991.506849315068 =


246,991.506849315068 ≈


246,991.51

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