Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 30,000,000 units (Dollar, Euro, Pound, etc.), from date: Mar 6, 2017, to date: Apr 6, 2018, namely for a period of 396 days (13 Months), with an annual simple flat interest rate of 16% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 30,000,000


Annual simple interest rate, R = 16%


From date: Mar 6, 2017


To date: Apr 6, 2018


Duration, T = 396 days (13 Months)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(30,000,000 × 16% × 396) ÷ 365 =


(30,000,000 × 16 × 396) ÷ (365 × 100) =


190,080,000,000 ÷ 36,500 ≈


5,207,671.232876712329 ≈


5,207,671.23

B = Amount earned:

B = P + I =


30,000,000 + 5,207,671.232876712329 =


35,207,671.232876712329 ≈


35,207,671.23

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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