Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 2,600 units (Dollar, Euro, Pound, etc.), from date: Oct 17, 2018, to date: Nov 17, 2018, namely for a period of 31 days, with an annual simple flat interest rate of 13% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 2,600


Annual simple interest rate, R = 13%


From date: Oct 17, 2018


To date: Nov 17, 2018


Duration, T = 31 days


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(2,600 × 13% × 31) ÷ 365 =


(2,600 × 13 × 31) ÷ (365 × 100) =


1,047,800 ÷ 36,500 ≈


28.706849315068 ≈


28.71

B = Amount earned:

B = P + I =


2,600 + 28.706849315068 =


2,628.706849315068 ≈


2,628.71

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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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