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: May 17, 1986, to date: May 17, 2017, namely for a period of 11,323 days (372 Months), with an annual simple flat interest rate of 3% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 20,000


Annual simple interest rate, R = 3%


From date: May 17, 1986


To date: May 17, 2017


Duration, T = 11,323 days (372 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 × 3% × 11,323) ÷ 365 =


(20,000 × 3 × 11,323) ÷ (365 × 100) =


679,380,000 ÷ 36,500 ≈


18,613.150684931507 ≈


18,613.15

B = Amount earned:

B = P + I =


20,000 + 18,613.150684931507 =


38,613.150684931507 ≈


38,613.15

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