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: Mar 2, 2019, to date: Apr 2, 2024, namely for a period of 1,858 days (61 Months), with an annual simple flat interest rate of 2% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 500


Annual simple interest rate, R = 2%


From date: Mar 2, 2019


To date: Apr 2, 2024


Duration, T = 1,858 days (61 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 × 2% × 1,858) ÷ 365 =


(500 × 2 × 1,858) ÷ (365 × 100) =


1,858,000 ÷ 36,500 =


50.904109589041 ≈


50.9

B = Amount earned:

B = P + I =


500 + 50.904109589041 =


550.904109589041 ≈


550.9

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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