Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 3,410 units (Dollar, Euro, Pound, etc.), from date: Apr 28, 2016, to date: Oct 28, 2018, namely for a period of 913 days (30 Months), with an annual simple flat interest rate of 7.2% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 3,410


Annual simple interest rate, R = 7.2%


From date: Apr 28, 2016


To date: Oct 28, 2018


Duration, T = 913 days (30 Months)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(3,410 × 7.2% × 913) ÷ 365 =


(3,410 × 7.2 × 913) ÷ (365 × 100) =


22,415,976 ÷ 36,500 ≈


614.136328767123 ≈


614.14

B = Amount earned:

B = P + I =


3,410 + 614.136328767123 =


4,024.136328767123 ≈


4,024.14

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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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