Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 540 units (Dollar, Euro, Pound, etc.), from date: Oct 31, 2002, to date: Nov 30, 2002, namely for a period of 30 days, with an annual simple flat interest rate of 22.2% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 540


Annual simple interest rate, R = 22.2%


From date: Oct 31, 2002


To date: Nov 30, 2002


Duration, T = 30 days


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(540 × 22.2% × 30) ÷ 365 =


(540 × 22.2 × 30) ÷ (365 × 100) =


359,640 ÷ 36,500 ≈


9.853150684932 ≈


9.85

B = Amount earned:

B = P + I =


540 + 9.853150684932 =


549.853150684932 ≈


549.85

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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