Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 110,000 units (Dollar, Euro, Pound, etc.), from date: Jun 11, 2014, to date: Jun 30, 2014, namely for a period of 19 days, with an annual simple flat interest rate of 3% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 110,000


Annual simple interest rate, R = 3%


From date: Jun 11, 2014


To date: Jun 30, 2014


Duration, T = 19 days


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(110,000 × 3% × 19) ÷ 365 =


(110,000 × 3 × 19) ÷ (365 × 100) =


6,270,000 ÷ 36,500 ≈


171.780821917808 ≈


171.78

B = Amount earned:

B = P + I =


110,000 + 171.780821917808 =


110,171.780821917808 ≈


110,171.78

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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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