Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 1,400 units (Dollar, Euro, Pound, etc.), from date: May 24, 2012, to date: Mar 30, 2016, namely for a period of 1,406 days (46 Months and 6 Days), with an annual simple flat interest rate of 264% if the commission fee (withdrawal) is 0%.

Principal (initial amount), P = 1,400


Annual simple interest rate, R = 264%


From date: May 24, 2012


To date: Mar 30, 2016


Duration, T = 1,406 days (46 Months and 6 Days)


Commission fee (withdrawal), F = 0%


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(1,400 × 264% × 1,406) ÷ 365 =


(1,400 × 264 × 1,406) ÷ (365 × 100) =


519,657,600 ÷ 36,500 ≈


14,237.194520547945 ≈


14,237.19

B = Amount earned:

B = P + I =


1,400 + 14,237.194520547945 =


15,637.194520547945 ≈


15,637.19

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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