Simple (Flat Rate) Interest Calculator: Calculate the Sum of Money Earned by a Principal Amount of Money (Initial Starting Amount Lent, Deposited or Borrowed) of 12,000 Units (Dollar, Euro, Pound, etc.) for an Investment Duration Period of 31 Days , With an Annual Simple Interest Rate of 0.3%. The Transaction Fee Is 184%.
Detailed simple (flat rate) interest calculations
Notations and variables used:
Simple (flat rate) interest amount, I
Principal (initial amount), P = 12,000
Annual simple interest rate, R = 0.3%
From date: Aug 29, 2018
To date: Sep 29, 2018
Duration, T = 31 days
Transaction fee rate, F% = 184%
Transaction fee amount, F
Number of days in a year, N = 365
Calculate the amount of the simple (flat rate) interest, I
The simple (flat rate) interest calculation formula:
I = (P × R × T) ÷ N ⇒
I = (P × R × T) ÷ N =
(12,000 × 0.3% × 31) ÷ 365 =
(12,000 × 0.3 × 31) ÷ (365 × 100) =
111,600 ÷ 36,500 ≈
3.057534246575 ≈
3.06
Calculate the amount earned after adding the simple (flat rate) interest to the principal, E
E = P + I =
12,000 + 3.057534246575 =
12,003.057534246575 ≈
12,003.06
Calculate the amount left after deducting the transaction fee, L
F = F% × E ⇒
L = E - F =
E - F% × E =
(1 - F%) × E =
(1 - 184%) × 12,003.057534246575 =
- 84% × 12,003.057534246575 =
- 10,082.568328767123 ≈
- 10,082.57
Calculate the profit of the investment, Pr
Pr = L - P =
- 10,082.568328767123 - 12,000 =
- 22,082.568328767123 ≈
- 22,082.57
Used symbols: % percent, ÷ divide, × multiply, = equal, ≈ approximately equal.
Writing numbers: comma ',' used as thousands separator, point '.' used as a decimal mark.
More operations, calculate the simple (flat rate) interest:
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