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 238,000 Units (Dollar, Euro, Pound, etc.) for an Investment Duration Period of 92 Days (3 Months), With an Annual Simple Interest Rate of 1.5%. The Transaction Fee Is 10%.
Detailed simple (flat rate) interest calculations
Notations and variables used:
Simple (flat rate) interest amount, I
Principal (initial amount), P = 238,000
Annual simple interest rate, R = 1.5%
From date: May 23, 2019
To date: Aug 23, 2019
Duration, T = 92 days (3 Months)
Transaction fee rate, F% = 10%
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 =
(238,000 × 1.5% × 92) ÷ 365 =
(238,000 × 1.5 × 92) ÷ (365 × 100) =
32,844,000 ÷ 36,500 ≈
899.835616438356 ≈
899.84
Calculate the amount earned after adding the simple (flat rate) interest to the principal, E
E = P + I =
238,000 + 899.835616438356 =
238,899.835616438356 ≈
238,899.84
Calculate the amount left after deducting the transaction fee, L
F = F% × E ⇒
L = E - F =
E - F% × E =
(1 - F%) × E =
(1 - 10%) × 238,899.835616438356 =
90% × 238,899.835616438356 ≈
215,009.85205479452 ≈
215,009.85
Calculate the profit of the investment, Pr
Pr = L - P =
215,009.85205479452 - 238,000 =
- 22,990.14794520548 ≈
- 22,990.15
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