Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 3,000 units (Dollar, Euro, Pound, etc.), from date: May 7, 2019, to date: May 7, 2020, namely for a period of 366 days (12 Months), with an annual simple flat interest rate of 1.35% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 3,000


Annual simple interest rate, R = 1.35%


From date: May 7, 2019


To date: May 7, 2020


Duration, T = 366 days (12 Months)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(3,000 × 1.35% × 366) ÷ 365 =


(3,000 × 1.35 × 366) ÷ (365 × 100) =


1,482,300 ÷ 36,500 ≈


40.61095890411 ≈


40.61

B = Amount earned:

B = P + I =


3,000 + 40.61095890411 =


3,040.61095890411 ≈


3,040.61

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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