Simple (Flat Rate) Interest Calculator: Calculate the Sum of Money Earned by a Principal Amount of Money (Initial Starting Amount Lent, Deposited or Borrowed) of 5,814.17 Units (Dollar, Euro, Pound, etc.) for an Investment Duration Period of 13 Days , With an Annual Simple Interest Rate of 2%. The Transaction Fee Is 296%.
Detailed simple (flat rate) interest calculations
Notations and variables used:
Simple (flat rate) interest amount, I
Principal (initial amount), P = 5,814.17
Annual simple interest rate, R = 2%
From date: Feb 1, 2017
To date: Feb 14, 2017
Duration, T = 13 days
Transaction fee rate, F% = 296%
Transaction fee amount, F
Number of days in a year, N = 365
Calculate the amount of the simple (flat rate) interest, I
The simple (flat rate) interest calculation formula:
I = (P × R × T) ÷ N ⇒
I = (P × R × T) ÷ N =
(5,814.17 × 2% × 13) ÷ 365 =
(5,814.17 × 2 × 13) ÷ (365 × 100) =
151,168.42 ÷ 36,500 ≈
4.141600547945 ≈
4.14
Calculate the amount earned after adding the simple (flat rate) interest to the principal, E
E = P + I =
5,814.17 + 4.141600547945 =
5,818.311600547945 ≈
5,818.31
Calculate the amount left after deducting the transaction fee, L
F = F% × E ⇒
L = E - F =
E - F% × E =
(1 - F%) × E =
(1 - 296%) × 5,818.311600547945 =
- 196% × 5,818.311600547945 ≈
- 11,403.890737073972 ≈
- 11,403.89
Calculate the profit of the investment, Pr
Pr = L - P =
- 11,403.890737073972 - 5,814.17 =
- 17,218.060737073972 ≈
- 17,218.06
Used symbols: % percent, ÷ divide, × multiply, = equal, ≈ approximately equal.
Writing numbers: comma ',' used as thousands separator, point '.' used as a decimal mark.
More operations, calculate the simple (flat rate) interest:
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