Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 1,200 units (Dollar, Euro, Pound, etc.), from date: Dec 7, 2016, to date: Oct 1, 2019, namely for a period of 1,028 days (34 Months without 6 Days), with an annual simple flat interest rate of 2% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 1,200


Annual simple interest rate, R = 2%


From date: Dec 7, 2016


To date: Oct 1, 2019


Duration, T = 1,028 days (34 Months without 6 Days)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(1,200 × 2% × 1,028) ÷ 365 =


(1,200 × 2 × 1,028) ÷ (365 × 100) =


2,467,200 ÷ 36,500 ≈


67.594520547945 ≈


67.59

B = Amount earned:

B = P + I =


1,200 + 67.594520547945 =


1,267.594520547945 ≈


1,267.59

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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