Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 2,800 units (Dollar, Euro, Pound, etc.), from date: May 1, 2016, to date: Sep 1, 2018, namely for a period of 853 days (28 Months), with an annual simple flat interest rate of 0.02% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 2,800


Annual simple interest rate, R = 0.02%


From date: May 1, 2016


To date: Sep 1, 2018


Duration, T = 853 days (28 Months)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(2,800 × 0.02% × 853) ÷ 365 =


(2,800 × 0.02 × 853) ÷ (365 × 100) =


47,768 ÷ 36,500 ≈


1.308712328767 ≈


1.31

B = Amount earned:

B = P + I =


2,800 + 1.308712328767 =


2,801.308712328767 ≈


2,801.31

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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