Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 5,000 units (Dollar, Euro, Pound, etc.), from date: Jul 7, 2017, to date: Jul 7, 2021, namely for a period of 1,461 days (48 Months), with an annual simple flat interest rate of 8% if the commission fee (withdrawal or payment) is 2%.

Principal (initial amount), P = 5,000


Annual simple interest rate, R = 8%


From date: Jul 7, 2017


To date: Jul 7, 2021


Duration, T = 1,461 days (48 Months)


Commission fee (withdrawal or payment), F = 2%


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(5,000 × 8% × 1,461) ÷ 365 =


(5,000 × 8 × 1,461) ÷ (365 × 100) =


58,440,000 ÷ 36,500 ≈


1,601.095890410959 ≈


1,601.1

B = Amount earned before deducting the
commission fee (withdrawal or payment):

B = P + I =


5,000 + 1,601.095890410959 =


6,601.095890410959 ≈


6,601.1

D = Amount earned after deducting the
commission fee (withdrawal or payment):

D = B - F =


B - F% × B =


(1 - F%) × B =


(1 - 2%) × 6,601.095890410959 =


98% × 6,601.095890410959 ≈


6,469.07397260274 ≈


6,469.07

Pr = Investment profit:

Pr = D - P =


6,469.07397260274 - 5,000 =


1,469.07397260274 ≈


1,469.07

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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