Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 45,000 units (Dollar, Euro, Pound, etc.), from date: Feb 14, 2018, to date: Mar 14, 2018, namely for a period of 28 days, with an annual simple flat interest rate of 7.9% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 45,000

Annual simple interest rate, R = 7.9%

From date: Feb 14, 2018

To date: Mar 14, 2018

Duration, T = 28 days

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

No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =

(45,000 × 7.9% × 28) ÷ 365 =

(45,000 × 7.9 × 28) ÷ (365 × 100) =

9,954,000 ÷ 36,500 ≈

272.712328767123 ≈

272.71

B = Amount earned:

B = P + I =

45,000 + 272.712328767123 =

45,272.712328767123 ≈

45,272.71

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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