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 28,811.95 Units (Dollar, Euro, Pound, etc.) for an Investment Duration Period of 77 Days (3 Months without 12 Days), With an Annual Simple Interest Rate of 4%.

Detailed simple (flat rate) interest calculations

Notations and variables used:

Simple (flat rate) interest amount, I

Principal (initial amount), P = 28,811.95

Annual simple interest rate, R = 4%

From date: Feb 19, 2018

To date: May 7, 2018

Duration, T = 77 days (3 Months without 12 Days)

Transaction fee rate, F% = 0%

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 =

(28,811.95 × 4% × 77) ÷ 365 =

(28,811.95 × 4 × 77) ÷ (365 × 100) =

8,874,080.6 ÷ 36,500 ≈


243.125495890411 ≈

243.13

Calculate the amount earned after adding the simple (flat rate) interest to the principal, E

E = P + I =

28,811.95 + 243.125495890411 =

29,055.075495890411 ≈

29,055.08


Used symbols: % percent, ÷ divide, × multiply, = equal, ≈ approximately equal.

Writing numbers: comma ',' used as thousands separator, point '.' used as a decimal mark.

External link - See what would be the calculated compound interest: » Calculate the Future Investment Value and the Compound Interest earned by a principal of 28.811,95 (Dollar, Euro, Pound, ...), initial amount of money lent, deposited or borrowed, with a duration of 3 months and 12 days, 4,00% annual interest rate, compounded daily (360 times a year)

More operations, calculate the simple (flat rate) interest:

» Calculate the simple (flat rate) interest earned by a principal (initial amount of money lent, deposited or borrowed) of 28,235.73 units (Dollar, Euro, Pound, etc.) for a period of 77 days (3 Months without 12 Days), with an annual interest rate of 4%.

» Calculate the simple (flat rate) interest earned by a principal (initial amount of money lent, deposited or borrowed) of 29,388.17 units (Dollar, Euro, Pound, etc.) for a period of 77 days (3 Months without 12 Days), with an annual interest rate of 4%.

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

The latest calculated simple flat rate interest values

Calculate the simple (flat rate) interest earned by a principal (initial amount of money lent, deposited or borrowed) of 28,811.95 units (Dollar, Euro, Pound, etc.) for a period of 77 days (3 Months without 12 Days), with an annual simple flat interest rate of 4%. Apr 18 22:54 UTC (GMT)
Calculate the simple (flat rate) interest earned by a principal (initial amount of money lent, deposited or borrowed) of 100 units (Dollar, Euro, Pound, etc.) for a period of 422,981 days (13,897 Months), with an annual simple flat interest rate of 50%. Apr 18 22:53 UTC (GMT)
Calculate the simple (flat rate) interest earned by a principal (initial amount of money lent, deposited or borrowed) of 892 units (Dollar, Euro, Pound, etc.) for a period of 579 days (19 Months), with an annual simple flat interest rate of 3.5% if the transaction fee is 1%. Apr 18 22:52 UTC (GMT)
Calculate the simple (flat rate) interest earned by a principal (initial amount of money lent, deposited or borrowed) of 1,000 units (Dollar, Euro, Pound, etc.) for a period of 156,275 days (5,135 Months without 19 Days), with an annual simple flat interest rate of 0.3%. Apr 18 22:51 UTC (GMT)
Calculate the simple (flat rate) interest earned by a principal (initial amount of money lent, deposited or borrowed) of 12,903 units (Dollar, Euro, Pound, etc.) for a period of 2,083 days (69 Months without 17 Days), with an annual simple flat interest rate of 250%. Apr 18 22:48 UTC (GMT)
Calculate the simple (flat rate) interest earned by a principal (initial amount of money lent, deposited or borrowed) of 137,214 units (Dollar, Euro, Pound, etc.) for a period of 365 days (12 Months), with an annual simple flat interest rate of 6.5% if the transaction fee is 10%. Apr 18 22:48 UTC (GMT)
Calculate the simple (flat rate) interest earned by a principal (initial amount of money lent, deposited or borrowed) of 3,000 units (Dollar, Euro, Pound, etc.) for a period of 1,550 days (51 Months), with an annual simple flat interest rate of 15%. Apr 18 22:48 UTC (GMT)
Calculate the simple (flat rate) interest earned by a principal (initial amount of money lent, deposited or borrowed) of 0 units (Dollar, Euro, Pound, etc.) for a period of 649,680 days (21,345 Months and 5 Days), with an annual simple flat interest rate of 414%. Apr 18 22:48 UTC (GMT)
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Calculate the simple (flat rate) interest earned by a principal (initial amount of money lent, deposited or borrowed) of 2,999 units (Dollar, Euro, Pound, etc.) for a period of 30 days, with an annual simple flat interest rate of 0%. Apr 18 22:47 UTC (GMT)
Calculate the simple (flat rate) interest earned by a principal (initial amount of money lent, deposited or borrowed) of 323,710 units (Dollar, Euro, Pound, etc.) for a period of 10,988 days (361 Months), with an annual simple flat interest rate of 2.7%. Apr 18 22:44 UTC (GMT)
Calculate the simple (flat rate) interest earned by a principal (initial amount of money lent, deposited or borrowed) of 300 units (Dollar, Euro, Pound, etc.) for a period of 8 days, with an annual simple flat interest rate of 12%. Apr 18 22:43 UTC (GMT)
Calculate the simple (flat rate) interest earned by a principal (initial amount of money lent, deposited or borrowed) of - 1,650 units (Dollar, Euro, Pound, etc.) for a period of 8,113 days (266 Months and 16 Days), with an annual simple flat interest rate of 492%. Apr 18 22:41 UTC (GMT)
All the calculated simple flat rate interest values


Simple flat rate interest.

Interest

  • When someone lends money to someone else, the borrower usually pays a fee to the lender. So the due interest is a sum paid or charged for the use of money or for borrowing money. The interest depends on: 1) the period of the loan 2) the amount of money lent or borrowed (called principal) and 3) the interest rate (the percentage of the principal charged as interest).
  • For example, for some bank deposits is not uncommon to pay an interest rate of 3.5% on the principal, annualy. Banks are also using these temporarily owned amounts of money by introducing them back into the cash flow circuit or are granting loans (for investments, for example) on which they are again charging interest.

Annual simple flat interest rate

  • The simple annual interest rate, or the percentage of the principal charged as interest for a period of one year, shows us that for an amount of 100 units (ex: Dollar, Euro, Yen, Pound, Franc), in a year, the interest is calculated as a percentage p% of the principal: I = p% × 100 units.
  • A deposit of S units generates a one year simple interest of: I = S × p% units, and in n years, the same deposit of S units generates an interest of: I = S × p% × n units.

Annual simple flat rate interest formula:

  • I = S × p% × n

  • I = n years simple flat rate interest charged
  • S = initial amount (principal)
  • p% = annual simple flat interest rate (percentage of the principal charged as interest)
  • n = number of years of the lending or borrowing the money

Examples of how the simple flat rate interest formula works:

  • 1) What interest, I, generates in n = 5 years a principal of S = 20,000 units if the annual simple flat interest rate is p% = 3.5%?
    Answer:
    I = S × p% × n = 20,000 × 3.5% × 5 = 20,000 × 3.5 ÷ 100 × 5 = 1,000 × 3.5 = 3,500 units
  • 2) What is the simple flat interest rate, p%, if a principal of S = 12,000 units is charged a n = 6 years interest of I = 2,880 units?
    Answer:
    I = S × p% × n =>
    p% = I ÷ (S × n) = 2,880 ÷ (12,000 × 6) = 0.04 = 4%.

Annual simple flat rate interest formula calculated for a period of n years:

  • Interest, I = S × p% × n
  • Principal, S = I ÷ (p% × n)
  • Interest rate, p% = I ÷ (S × n)
  • Number of years (period): n = I ÷ (S × p%)

Annual simple flat rate interest formula calculated for a period of m months:

  • Interest, I = (S × p% × m) ÷ 12
  • Principal, S = (12 × I) ÷ (p% × m)
  • Interest rate, p% = (12 × I) ÷ (S × m)
  • Number of months of the period, m = (12 × I) ÷ (S × p%)

Annual simple flat rate interest formula calculated for a period of d days:

  • Interest, I = (S × p% × d) ÷ 365
  • Principal, S = (365 × I) ÷ (p% × d)
  • Simple flat interest rate, p% = (365 × I) ÷ (S × d)
  • Number of days of the period, d = (365 × I) ÷ (S × p%)

More examples of how the simple flat rate interest formula works:

  • 1) Calculate the due interest on a principal of S = 400 units in m = 5 months, with a simple flat interest rate of p% = 4%.
    Answer:
    I = (S × p% × m) ÷ 12 = (400 × 4% × 5) ÷ 12 = (400 × 4 ÷ 100 × 5) ÷ 12 = 16 × 5 ÷ 12 = 20 ÷ 3 = 6.67 units
  • 2) Calculate the due interest generated by a principal of S = 400 units in m = 5 months if the simple flat interest rate of p% = 4.5%.
    Answer:
    I = (S × p% × m) ÷ 12 = (400 × 4.5% × 5) ÷ 12 = (400 × 4.5 ÷ 100 × 5) ÷ 12 = 18 × 5 ÷ 12 = 15 ÷ 2 = 7.5 units.