Simple (Flat Rate) Interest Calculator: Calculate the Sum of Money Earned by a Principal Amount of Money (Initial Starting Amount Lent, Deposited or Borrowed) of 4,000 Units (Dollar, Euro, Pound, etc.) for an Investment Duration Period of 30 Days , With an Annual Simple Interest Rate of 3%. The Transaction Fee Is 1%.
Detailed simple (flat rate) interest calculations
Notations and variables used:
Simple (flat rate) interest amount, I
Principal (initial amount), P = 4,000
Annual simple interest rate, R = 3%
From date: Jul 11, 2017
To date: Aug 10, 2017
Duration, T = 30 days
Transaction fee rate, F% = 1%
Transaction fee amount, F
Number of days in a year, N = 365
Calculate the amount of the simple (flat rate) interest, I
The simple (flat rate) interest calculation formula:
I = (P × R × T) ÷ N ⇒
I = (P × R × T) ÷ N =
(4,000 × 3% × 30) ÷ 365 =
(4,000 × 3 × 30) ÷ (365 × 100) =
360,000 ÷ 36,500 ≈
9.86301369863 ≈
9.86
Calculate the amount earned after adding the simple (flat rate) interest to the principal, E
E = P + I =
4,000 + 9.86301369863 =
4,009.86301369863 ≈
4,009.86
Calculate the amount left after deducting the transaction fee, L
F = F% × E ⇒
L = E - F =
E - F% × E =
(1 - F%) × E =
(1 - 1%) × 4,009.86301369863 =
99% × 4,009.86301369863 ≈
3,969.764383561644 ≈
3,969.76
Calculate the profit of the investment, Pr
Pr = L - P =
3,969.764383561644 - 4,000 =
- 30.235616438356 ≈
- 30.24
Used symbols: % percent, ÷ divide, × multiply, = equal, ≈ approximately equal.
Writing numbers: comma ',' used as thousands separator, point '.' used as a decimal mark.
More operations, calculate the simple (flat rate) interest:
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