Principal (initial amount), P = 1,500
Annual simple interest rate, R = 248%
From date: Jan 1, 2019
To date: Jan 1, 2020
Duration, T = 365 days (12 Months)
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 × 248% × 365) ÷ 365 =
(1,500 × 248 × 365) ÷ (365 × 100) =
135,780,000 ÷ 36,500 =
3,720
B = Amount earned:
B = P + I =
1,500 + 3,720 =
5,220