Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 5,300 units (Dollar, Euro, Pound, etc.), from date: Sep 24, 2013, to date: Oct 24, 2017, namely for a period of 1,491 days (49 Months), with an annual simple flat interest rate of 0.2% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 5,300


Annual simple interest rate, R = 0.2%


From date: Sep 24, 2013


To date: Oct 24, 2017


Duration, T = 1,491 days (49 Months)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(5,300 × 0.2% × 1,491) ÷ 365 =


(5,300 × 0.2 × 1,491) ÷ (365 × 100) =


1,580,460 ÷ 36,500 ≈


43.300273972603 ≈


43.3

B = Amount earned:

B = P + I =


5,300 + 43.300273972603 =


5,343.300273972603 ≈


5,343.3

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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