Simple (Flat Rate) Interest Calculator: Calculate the Sum of Money Earned by a Principal Amount of Money (Initial Starting Amount Lent, Deposited or Borrowed) of 20,758 Units (Dollar, Euro, Pound, etc.) for an Investment Duration Period of 24 Days , With an Annual Simple Interest Rate of 3%. The Transaction Fee Is 200%.
Detailed simple (flat rate) interest calculations
Notations and variables used:
Simple (flat rate) interest amount, I
Principal (initial amount), P = 20,758
Annual simple interest rate, R = 3%
From date: Jul 8, 2017
To date: Aug 1, 2017
Duration, T = 24 days
Transaction fee rate, F% = 200%
Transaction fee amount, F
Number of days in a year, N = 365
Calculate the amount of the simple (flat rate) interest, I
The simple (flat rate) interest calculation formula:
I = (P × R × T) ÷ N ⇒
I = (P × R × T) ÷ N =
(20,758 × 3% × 24) ÷ 365 =
(20,758 × 3 × 24) ÷ (365 × 100) =
1,494,576 ÷ 36,500 ≈
40.947287671233 ≈
40.95
Calculate the amount earned after adding the simple (flat rate) interest to the principal, E
E = P + I =
20,758 + 40.947287671233 =
20,798.947287671233 ≈
20,798.95
Calculate the amount left after deducting the transaction fee, L
F = F% × E ⇒
L = E - F =
E - F% × E =
(1 - F%) × E =
(1 - 200%) × 20,798.947287671233 =
- 100% × 20,798.947287671233 =
- 20,798.947287671233 ≈
- 20,798.95
Calculate the profit of the investment, Pr
Pr = L - P =
- 20,798.947287671233 - 20,758 =
- 41,556.947287671233 ≈
- 41,556.95
Used symbols: % percent, ÷ divide, × multiply, = equal, ≈ approximately equal.
Writing numbers: comma ',' used as thousands separator, point '.' used as a decimal mark.
More operations, calculate the simple (flat rate) interest:
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