Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 11,300 units (Dollar, Euro, Pound, etc.), from date: Nov 24, 2018, to date: May 24, 2019, namely for a period of 181 days (6 Months), with an annual simple flat interest rate of 1% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 11,300


Annual simple interest rate, R = 1%


From date: Nov 24, 2018


To date: May 24, 2019


Duration, T = 181 days (6 Months)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(11,300 × 1% × 181) ÷ 365 =


(11,300 × 1 × 181) ÷ (365 × 100) =


2,045,300 ÷ 36,500 ≈


56.035616438356 ≈


56.04

B = Amount earned:

B = P + I =


11,300 + 56.035616438356 =


11,356.035616438356 ≈


11,356.04

Signs: % percent, ÷ divide, × multiply, = equal, ≈ 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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