Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 500 units (Dollar, Euro, Pound, etc.), from date: Dec 22, 2007, to date: Apr 19, 2018, namely for a period of 3,771 days (124 Months without 3 Days), with an annual simple flat interest rate of 0.02% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 500


Annual simple interest rate, R = 0.02%


From date: Dec 22, 2007


To date: Apr 19, 2018


Duration, T = 3,771 days (124 Months without 3 Days)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(500 × 0.02% × 3,771) ÷ 365 =


(500 × 0.02 × 3,771) ÷ (365 × 100) =


37,710 ÷ 36,500 ≈


1.033150684932 ≈


1.03

B = Amount earned:

B = P + I =


500 + 1.033150684932 =


501.033150684932 ≈


501.03

Signs: % percent, ÷ divide, × multiply, ≈ 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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