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: Feb 18, 2017, to date: Jun 18, 2017, namely for a period of 120 days (4 Months), with an annual simple flat interest rate of 1.3% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 500


Annual simple interest rate, R = 1.3%


From date: Feb 18, 2017


To date: Jun 18, 2017


Duration, T = 120 days (4 Months)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(500 × 1.3% × 120) ÷ 365 =


(500 × 1.3 × 120) ÷ (365 × 100) =


78,000 ÷ 36,500 ≈


2.13698630137 ≈


2.14

B = Amount earned:

B = P + I =


500 + 2.13698630137 =


502.13698630137 ≈


502.14

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