Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 30,000 units (Dollar, Euro, Pound, etc.), from date: May 5, 2018, to date: May 5, 2028, namely for a period of 3,653 days (120 Months), with an annual simple flat interest rate of 6.69% if the commission fee (withdrawal) is 0%.

Principal (initial amount), P = 30,000


Annual simple interest rate, R = 6.69%


From date: May 5, 2018


To date: May 5, 2028


Duration, T = 3,653 days (120 Months)


Commission fee (withdrawal), F = 0%


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(30,000 × 6.69% × 3,653) ÷ 365 =


(30,000 × 6.69 × 3,653) ÷ (365 × 100) =


733,157,100 ÷ 36,500 ≈


20,086.495890410959 ≈


20,086.5

B = Amount earned:

B = P + I =


30,000 + 20,086.495890410959 =


50,086.495890410959 ≈


50,086.5

Signs: % percent, ÷ divide, × multiply, = equal, ≈ 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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