Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 1,500 units (Dollar, Euro, Pound, etc.), from date: Apr 6, 2017, to date: May 6, 2017, namely for a period of 30 days, with an annual simple flat interest rate of 120% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 1,500


Annual simple interest rate, R = 120%


From date: Apr 6, 2017


To date: May 6, 2017


Duration, T = 30 days


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(1,500 × 120% × 30) ÷ 365 =


(1,500 × 120 × 30) ÷ (365 × 100) =


5,400,000 ÷ 36,500 =


147.945205479452 ≈


147.95

B = Amount earned:

B = P + I =


1,500 + 147.945205479452 =


1,647.945205479452 ≈


1,647.95

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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