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: Jan 1, 2018, to date: Mar 31, 2018, namely for a period of 89 days (2 Months and 30 Days), with an annual simple flat interest rate of 6% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 20,000


Annual simple interest rate, R = 6%


From date: Jan 1, 2018


To date: Mar 31, 2018


Duration, T = 89 days (2 Months and 30 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 × 6% × 89) ÷ 365 =


(20,000 × 6 × 89) ÷ (365 × 100) =


10,680,000 ÷ 36,500 ≈


292.602739726027 ≈


292.6

B = Amount earned:

B = P + I =


20,000 + 292.602739726027 =


20,292.602739726027 ≈


20,292.6

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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