Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 600 units (Dollar, Euro, Pound, etc.), from date: Aug 9, 2009, to date: Sep 9, 2018, namely for a period of 3,318 days (109 Months), with an annual simple flat interest rate of 0.02% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 600


Annual simple interest rate, R = 0.02%


From date: Aug 9, 2009


To date: Sep 9, 2018


Duration, T = 3,318 days (109 Months)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(600 × 0.02% × 3,318) ÷ 365 =


(600 × 0.02 × 3,318) ÷ (365 × 100) =


39,816 ÷ 36,500 ≈


1.090849315068 ≈


1.09

B = Amount earned:

B = P + I =


600 + 1.090849315068 =


601.090849315068 ≈


601.09

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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