Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 460,000 units (Dollar, Euro, Pound, etc.), from date: Nov 24, 2017, to date: Dec 24, 2017, namely for a period of 30 days, with an annual simple flat interest rate of 0.7% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 460,000


Annual simple interest rate, R = 0.7%


From date: Nov 24, 2017


To date: Dec 24, 2017


Duration, T = 30 days


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(460,000 × 0.7% × 30) ÷ 365 =


(460,000 × 0.7 × 30) ÷ (365 × 100) =


9,660,000 ÷ 36,500 ≈


264.657534246575 ≈


264.66

B = Amount earned:

B = P + I =


460,000 + 264.657534246575 =


460,264.657534246575 ≈


460,264.66

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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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