Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 384 units (Dollar, Euro, Pound, etc.), from date: Jan 19, 2017, to date: Feb 19, 2018, namely for a period of 396 days (13 Months), with an annual simple flat interest rate of 2.4% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 384


Annual simple interest rate, R = 2.4%


From date: Jan 19, 2017


To date: Feb 19, 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 =


(384 × 2.4% × 396) ÷ 365 =


(384 × 2.4 × 396) ÷ (365 × 100) =


364,953.6 ÷ 36,500 ≈


9.998728767123 ≈


10

B = Amount earned:

B = P + I =


384 + 9.998728767123 =


393.998728767123 ≈


394

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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