Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 185 units (Dollar, Euro, Pound, etc.), from date: Nov 30, 2013, to date: Apr 28, 2016, namely for a period of 880 days (29 Months without 2 Days), with an annual simple flat interest rate of 9% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 185


Annual simple interest rate, R = 9%


From date: Nov 30, 2013


To date: Apr 28, 2016


Duration, T = 880 days (29 Months without 2 Days)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(185 × 9% × 880) ÷ 365 =


(185 × 9 × 880) ÷ (365 × 100) =


1,465,200 ÷ 36,500 ≈


40.142465753425 ≈


40.14

B = Amount earned:

B = P + I =


185 + 40.142465753425 =


225.142465753425 ≈


225.14

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