Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 2,000 units (Dollar, Euro, Pound, etc.), from date: May 5, 2018, to date: Dec 30, 2018, namely for a period of 239 days (7 Months and 25 Days), with an annual simple flat interest rate of 2% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 2,000


Annual simple interest rate, R = 2%


From date: May 5, 2018


To date: Dec 30, 2018


Duration, T = 239 days (7 Months and 25 Days)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(2,000 × 2% × 239) ÷ 365 =


(2,000 × 2 × 239) ÷ (365 × 100) =


956,000 ÷ 36,500 ≈


26.191780821918 ≈


26.19

B = Amount earned:

B = P + I =


2,000 + 26.191780821918 =


2,026.191780821918 ≈


2,026.19

Signs: % percent, ÷ divide, × multiply, ≈ approximately equal;

Writing numbers: comma ',' as thousands separator; point '.' as a decimal mark;

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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