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: Aug 27, 2018, to date: Aug 27, 2020, namely for a period of 731 days (24 Months), with an annual simple flat interest rate of 30% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 15,000


Annual simple interest rate, R = 30%


From date: Aug 27, 2018


To date: Aug 27, 2020


Duration, T = 731 days (24 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 × 30% × 731) ÷ 365 =


(15,000 × 30 × 731) ÷ (365 × 100) =


328,950,000 ÷ 36,500 ≈


9,012.328767123288 ≈


9,012.33

B = Amount earned:

B = P + I =


15,000 + 9,012.328767123288 =


24,012.328767123288 ≈


24,012.33

Signs: % percent, ÷ divide, × multiply, ≈ 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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