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: Nov 25, 890, to date: Oct 25, 2017, namely for a period of 411,597 days (13,523 Months), with an annual simple flat interest rate of 2% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 20,000


Annual simple interest rate, R = 2%


From date: Nov 25, 890


To date: Oct 25, 2017


Duration, T = 411,597 days (13,523 Months)


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 × 2% × 411,597) ÷ 365 =


(20,000 × 2 × 411,597) ÷ (365 × 100) =


16,463,880,000 ÷ 36,500 ≈


451,065.205479452055 ≈


451,065.21

B = Amount earned:

B = P + I =


20,000 + 451,065.205479452055 =


471,065.205479452055 ≈


471,065.21

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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