Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 15,000 units (Dollar, Euro, Pound, etc.), from date: May 22, 2018, to date: Jun 22, 2023, namely for a period of 1,857 days (61 Months), with an annual simple flat interest rate of 17% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 15,000


Annual simple interest rate, R = 17%


From date: May 22, 2018


To date: Jun 22, 2023


Duration, T = 1,857 days (61 Months)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(15,000 × 17% × 1,857) ÷ 365 =


(15,000 × 17 × 1,857) ÷ (365 × 100) =


473,535,000 ÷ 36,500 ≈


12,973.561643835616 ≈


12,973.56

B = Amount earned:

B = P + I =


15,000 + 12,973.561643835616 =


27,973.561643835616 ≈


27,973.56

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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