Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 100,000,000 units (Dollar, Euro, Pound, etc.), from date: May 23, 2017, to date: Jun 23, 2017, namely for a period of 31 days, with an annual simple flat interest rate of 3% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 100,000,000


Annual simple interest rate, R = 3%


From date: May 23, 2017


To date: Jun 23, 2017


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 =


(100,000,000 × 3% × 31) ÷ 365 =


(100,000,000 × 3 × 31) ÷ (365 × 100) =


9,300,000,000 ÷ 36,500 ≈


254,794.520547945205 ≈


254,794.52

B = Amount earned:

B = P + I =


100,000,000 + 254,794.520547945205 =


100,254,794.520547945205 ≈


100,254,794.52

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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