Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 20,000 units (Dollar, Euro, Pound, etc.), from date: Feb 19, 2019, to date: Mar 19, 2019, namely for a period of 28 days, with an annual simple flat interest rate of 10% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 20,000


Annual simple interest rate, R = 10%


From date: Feb 19, 2019


To date: Mar 19, 2019


Duration, T = 28 days


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(20,000 × 10% × 28) ÷ 365 =


(20,000 × 10 × 28) ÷ (365 × 100) =


5,600,000 ÷ 36,500 ≈


153.424657534247 ≈


153.42

B = Amount earned:

B = P + I =


20,000 + 153.424657534247 =


20,153.424657534247 ≈


20,153.42

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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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