Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 1,610 units (Dollar, Euro, Pound, etc.), from date: Jul 16, 2019, to date: Aug 16, 2019, namely for a period of 31 days, with an annual simple flat interest rate of 26.31% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 1,610


Annual simple interest rate, R = 26.31%


From date: Jul 16, 2019


To date: Aug 16, 2019


Duration, T = 31 days


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(1,610 × 26.31% × 31) ÷ 365 =


(1,610 × 26.31 × 31) ÷ (365 × 100) =


1,313,132.1 ÷ 36,500 ≈


35.976221917808 ≈


35.98

B = Amount earned:

B = P + I =


1,610 + 35.976221917808 =


1,645.976221917808 ≈


1,645.98

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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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