Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 1,000,000 units (Dollar, Euro, Pound, etc.), from date: May 28, 2018, to date: Jun 28, 2019, namely for a period of 396 days (13 Months), with an annual simple flat interest rate of 2% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 1,000,000


Annual simple interest rate, R = 2%


From date: May 28, 2018


To date: Jun 28, 2019


Duration, T = 396 days (13 Months)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(1,000,000 × 2% × 396) ÷ 365 =


(1,000,000 × 2 × 396) ÷ (365 × 100) =


792,000,000 ÷ 36,500 ≈


21,698.630136986301 ≈


21,698.63

B = Amount earned:

B = P + I =


1,000,000 + 21,698.630136986301 =


1,021,698.630136986301 ≈


1,021,698.63

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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