Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 10,000 units (Dollar, Euro, Pound, etc.), from date: Jan 1, 2000, to date: Dec 31, 2005, namely for a period of 2,191 days (71 Months and 30 Days), with an annual simple flat interest rate of 24% if the commission fee (withdrawal or payment) is 1%.

Principal (initial amount), P = 10,000


Annual simple interest rate, R = 24%


From date: Jan 1, 2000


To date: Dec 31, 2005


Duration, T = 2,191 days (71 Months and 30 Days)


Commission fee (withdrawal or payment), F = 1%


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(10,000 × 24% × 2,191) ÷ 365 =


(10,000 × 24 × 2,191) ÷ (365 × 100) =


525,840,000 ÷ 36,500 ≈


14,406.575342465753 ≈


14,406.58

B = Amount earned before deducting the
commission fee (withdrawal or payment):

B = P + I =


10,000 + 14,406.575342465753 =


24,406.575342465753 ≈


24,406.58

D = Amount earned after deducting the
commission fee (withdrawal or payment):

D = B - F =


B - F% × B =


(1 - F%) × B =


(1 - 1%) × 24,406.575342465753 =


99% × 24,406.575342465753 ≈


24,162.509589041095 ≈


24,162.51

Pr = Investment profit:

Pr = D - P =


24,162.509589041095 - 10,000 =


14,162.509589041095 ≈


14,162.51

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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