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: May 1, 2017, to date: Jun 20, 2017, namely for a period of 50 days (1 Month and 19 Days), with an annual simple flat interest rate of 12% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 600


Annual simple interest rate, R = 12%


From date: May 1, 2017


To date: Jun 20, 2017


Duration, T = 50 days (1 Month and 19 Days)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(600 × 12% × 50) ÷ 365 =


(600 × 12 × 50) ÷ (365 × 100) =


360,000 ÷ 36,500 ≈


9.86301369863 ≈


9.86

B = Amount earned:

B = P + I =


600 + 9.86301369863 =


609.86301369863 ≈


609.86

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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