Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 2,200 units (Dollar, Euro, Pound, etc.), from date: Sep 19, 2010, to date: Oct 2, 2017, namely for a period of 2,570 days (85 Months without 17 Days), with an annual simple flat interest rate of 0.02% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 2,200


Annual simple interest rate, R = 0.02%


From date: Sep 19, 2010


To date: Oct 2, 2017


Duration, T = 2,570 days (85 Months without 17 Days)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(2,200 × 0.02% × 2,570) ÷ 365 =


(2,200 × 0.02 × 2,570) ÷ (365 × 100) =


113,080 ÷ 36,500 ≈


3.098082191781 ≈


3.1

B = Amount earned:

B = P + I =


2,200 + 3.098082191781 =


2,203.098082191781 ≈


2,203.1

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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