Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 250,000 units (Dollar, Euro, Pound, etc.), from date: Dec 10, 2018, to date: Jan 10, 2023, namely for a period of 1,492 days (49 Months), with an annual simple flat interest rate of 7% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 250,000


Annual simple interest rate, R = 7%


From date: Dec 10, 2018


To date: Jan 10, 2023


Duration, T = 1,492 days (49 Months)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(250,000 × 7% × 1,492) ÷ 365 =


(250,000 × 7 × 1,492) ÷ (365 × 100) =


2,611,000,000 ÷ 36,500 ≈


71,534.246575342466 ≈


71,534.25

B = Amount earned:

B = P + I =


250,000 + 71,534.246575342466 =


321,534.246575342466 ≈


321,534.25

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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