Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 516 units (Dollar, Euro, Pound, etc.), from date: Oct 1, 2010, to date: Oct 1, 2017, namely for a period of 2,557 days (84 Months), with an annual simple flat interest rate of 0.02% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 516


Annual simple interest rate, R = 0.02%


From date: Oct 1, 2010


To date: Oct 1, 2017


Duration, T = 2,557 days (84 Months)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(516 × 0.02% × 2,557) ÷ 365 =


(516 × 0.02 × 2,557) ÷ (365 × 100) =


26,388.24 ÷ 36,500 =


0.722965479452 ≈


0.72

B = Amount earned:

B = P + I =


516 + 0.722965479452 =


516.722965479452 ≈


516.72

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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