Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 394.07 units (Dollar, Euro, Pound, etc.), from date: Jul 16, 2013, to date: Jan 20, 2014, namely for a period of 188 days (6 Months and 4 Days), with an annual simple flat interest rate of 8% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 394.07


Annual simple interest rate, R = 8%


From date: Jul 16, 2013


To date: Jan 20, 2014


Duration, T = 188 days (6 Months and 4 Days)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(394.07 × 8% × 188) ÷ 365 =


(394.07 × 8 × 188) ÷ (365 × 100) =


592,681.28 ÷ 36,500 ≈


16.237843287671 ≈


16.24

B = Amount earned:

B = P + I =


394.07 + 16.237843287671 =


410.307843287671 ≈


410.31

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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