Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 2,124 units (Dollar, Euro, Pound, etc.), from date: Nov 24, 2014, to date: Jun 10, 2018, namely for a period of 1,294 days (43 Months without 14 Days), with an annual simple flat interest rate of 2% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 2,124


Annual simple interest rate, R = 2%


From date: Nov 24, 2014


To date: Jun 10, 2018


Duration, T = 1,294 days (43 Months without 14 Days)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(2,124 × 2% × 1,294) ÷ 365 =


(2,124 × 2 × 1,294) ÷ (365 × 100) =


5,496,912 ÷ 36,500 ≈


150.600328767123 ≈


150.6

B = Amount earned:

B = P + I =


2,124 + 150.600328767123 =


2,274.600328767123 ≈


2,274.6

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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