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 18, 2017, to date: Jun 18, 2017, namely for a period of 31 days, with an annual simple flat interest rate of 20% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 2,000


Annual simple interest rate, R = 20%


From date: May 18, 2017


To date: Jun 18, 2017


Duration, T = 31 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 × 20% × 31) ÷ 365 =


(2,000 × 20 × 31) ÷ (365 × 100) =


1,240,000 ÷ 36,500 =


33.972602739726 ≈


33.97

B = Amount earned:

B = P + I =


2,000 + 33.972602739726 =


2,033.972602739726 ≈


2,033.97

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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