#### Principal (initial amount), P = 3,000

#### Annual simple interest rate, R = 12%

#### From date: Mar 5, 2018

#### To date: Apr 5, 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 =

#### (3,000 × 12% × 31) ÷ 365 =

#### (3,000 × 12 × 31) ÷ (365 × 100) =

#### 1,116,000 ÷ 36,500 ≈

#### 30.575342465753 ≈

#### 30.58

## B = Amount earned:

#### B = P + I =

#### 3,000 + 30.575342465753 =

#### 3,030.575342465753 ≈

#### 3,030.58