Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 1,300 units (Dollar, Euro, Pound, etc.), from date: Aug 1, 2008, to date: Nov 5, 2017, namely for a period of 3,383 days (111 Months and 4 Days), with an annual simple flat interest rate of 0.02% if the commission fee (withdrawal) is 0%.

Principal (initial amount), P = 1,300


Annual simple interest rate, R = 0.02%


From date: Aug 1, 2008


To date: Nov 5, 2017


Duration, T = 3,383 days (111 Months and 4 Days)


Commission fee (withdrawal), F = 0%


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(1,300 × 0.02% × 3,383) ÷ 365 =


(1,300 × 0.02 × 3,383) ÷ (365 × 100) =


87,958 ÷ 36,500 =


2.409808219178 ≈


2.41

B = Amount earned:

B = P + I =


1,300 + 2.409808219178 =


1,302.409808219178 ≈


1,302.41

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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