Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 1,825 units (Dollar, Euro, Pound, etc.), from date: Mar 15, 2015, to date: Dec 31, 2015, namely for a period of 291 days (9 Months and 16 Days), with an annual simple flat interest rate of 24% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 1,825


Annual simple interest rate, R = 24%


From date: Mar 15, 2015


To date: Dec 31, 2015


Duration, T = 291 days (9 Months and 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 =


(1,825 × 24% × 291) ÷ 365 =


(1,825 × 24 × 291) ÷ (365 × 100) =


12,745,800 ÷ 36,500 =


349.2

B = Amount earned:

B = P + I =


1,825 + 349.2 =


2,174.2

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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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