Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 12,000 units (Dollar, Euro, Pound, etc.), from date: Aug 29, 586, to date: Sep 29, 2018, namely for a period of 523,058 days (17,185 Months), with an annual simple flat interest rate of 0.3% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 12,000


Annual simple interest rate, R = 0.3%


From date: Aug 29, 586


To date: Sep 29, 2018


Duration, T = 523,058 days (17,185 Months)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(12,000 × 0.3% × 523,058) ÷ 365 =


(12,000 × 0.3 × 523,058) ÷ (365 × 100) =


1,883,008,800 ÷ 36,500 ≈


51,589.282191780822 ≈


51,589.28

B = Amount earned:

B = P + I =


12,000 + 51,589.282191780822 =


63,589.282191780822 ≈


63,589.28

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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