Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 180 units (Dollar, Euro, Pound, etc.), from date: May 2, 2017, to date: May 18, 2017, namely for a period of 16 days, with an annual simple flat interest rate of 1% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 180


Annual simple interest rate, R = 1%


From date: May 2, 2017


To date: May 18, 2017


Duration, T = 16 days


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(180 × 1% × 16) ÷ 365 =


(180 × 1 × 16) ÷ (365 × 100) =


2,880 ÷ 36,500 =


0.078904109589 ≈


0.08

B = Amount earned:

B = P + I =


180 + 0.078904109589 =


180.078904109589 ≈


180.08

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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