Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 3,515 units (Dollar, Euro, Pound, etc.), from date: Apr 18, 2013, to date: May 25, 2018, namely for a period of 1,863 days (61 Months and 7 Days), with an annual simple flat interest rate of 2% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 3,515


Annual simple interest rate, R = 2%


From date: Apr 18, 2013


To date: May 25, 2018


Duration, T = 1,863 days (61 Months and 7 Days)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(3,515 × 2% × 1,863) ÷ 365 =


(3,515 × 2 × 1,863) ÷ (365 × 100) =


13,096,890 ÷ 36,500 =


358.818904109589 ≈


358.82

B = Amount earned:

B = P + I =


3,515 + 358.818904109589 =


3,873.818904109589 ≈


3,873.82

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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