Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 400 units (Dollar, Euro, Pound, etc.), from date: Apr 1, 2016, to date: Aug 22, 2020, namely for a period of 1,604 days (52 Months and 21 Days), with an annual simple flat interest rate of 2% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 400


Annual simple interest rate, R = 2%


From date: Apr 1, 2016


To date: Aug 22, 2020


Duration, T = 1,604 days (52 Months and 21 Days)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(400 × 2% × 1,604) ÷ 365 =


(400 × 2 × 1,604) ÷ (365 × 100) =


1,283,200 ÷ 36,500 ≈


35.156164383562 ≈


35.16

B = Amount earned:

B = P + I =


400 + 35.156164383562 =


435.156164383562 ≈


435.16

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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