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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