Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 1,130 units (Dollar, Euro, Pound, etc.), from date: Sep 12, 1997, to date: Oct 12, 2018, namely for a period of 7,700 days (253 Months), with an annual simple flat interest rate of 2% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 1,130


Annual simple interest rate, R = 2%


From date: Sep 12, 1997


To date: Oct 12, 2018


Duration, T = 7,700 days (253 Months)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(1,130 × 2% × 7,700) ÷ 365 =


(1,130 × 2 × 7,700) ÷ (365 × 100) =


17,402,000 ÷ 36,500 ≈


476.767123287671 ≈


476.77

B = Amount earned:

B = P + I =


1,130 + 476.767123287671 =


1,606.767123287671 ≈


1,606.77

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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