Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 1,700 units (Dollar, Euro, Pound, etc.), from date: Mar 6, 2013, to date: Apr 6, 2018, namely for a period of 1,857 days (61 Months), with an annual simple flat interest rate of 0.02% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 1,700


Annual simple interest rate, R = 0.02%


From date: Mar 6, 2013


To date: Apr 6, 2018


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 =


(1,700 × 0.02% × 1,857) ÷ 365 =


(1,700 × 0.02 × 1,857) ÷ (365 × 100) =


63,138 ÷ 36,500 =


1.729808219178 ≈


1.73

B = Amount earned:

B = P + I =


1,700 + 1.729808219178 =


1,701.729808219178 ≈


1,701.73

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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