Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 40,000 units (Dollar, Euro, Pound, etc.), from date: Jun 5, 2018, to date: Jul 5, 2019, namely for a period of 395 days (13 Months), with an annual simple flat interest rate of 2% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 40,000

Annual simple interest rate, R = 2%

From date: Jun 5, 2018

To date: Jul 5, 2019

Duration, T = 395 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 =

(40,000 × 2% × 395) ÷ 365 =

(40,000 × 2 × 395) ÷ (365 × 100) =

31,600,000 ÷ 36,500 ≈

865.753424657534 ≈

865.75

B = Amount earned:

B = P + I =

40,000 + 865.753424657534 =

40,865.753424657534 ≈

40,865.75

Signs: % percent, ÷ divide, × multiply, = equal, ≈ approximately equal;

Writing numbers: comma ',' as thousands separator; point '.' as a decimal mark;

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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