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 1,400 Units (Dollar, Euro, Pound, etc.) for an Investment Duration Period of 30 Days , With an Annual Simple Interest Rate of 1.2%. The Transaction Fee Is 20%.
Detailed simple (flat rate) interest calculations
Notations and variables used:
Simple (flat rate) interest amount, I
Principal (initial amount), P = 1,400
Annual simple interest rate, R = 1.2%
From date: Sep 15, 2022
To date: Oct 15, 2022
Duration, T = 30 days
Transaction fee rate, F% = 20%
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 =
(1,400 × 1.2% × 30) ÷ 365 =
(1,400 × 1.2 × 30) ÷ (365 × 100) =
50,400 ÷ 36,500 ≈
1.380821917808 ≈
1.38
Calculate the amount earned after adding the simple (flat rate) interest to the principal, E
E = P + I =
1,400 + 1.380821917808 =
1,401.380821917808 ≈
1,401.38
Calculate the amount left after deducting the transaction fee, L
F = F% × E ⇒
L = E - F =
E - F% × E =
(1 - F%) × E =
(1 - 20%) × 1,401.380821917808 =
80% × 1,401.380821917808 ≈
1,121.104657534246 ≈
1,121.1
Calculate the profit of the investment, Pr
Pr = L - P =
1,121.104657534246 - 1,400 =
- 278.895342465754 ≈
- 278.9
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