Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 672 units (Dollar, Euro, Pound, etc.), from date: Oct 1, 2008, to date: Mar 30, 2011, namely for a period of 910 days (29 Months and 29 Days), with an annual simple flat interest rate of 3% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 672


Annual simple interest rate, R = 3%


From date: Oct 1, 2008


To date: Mar 30, 2011


Duration, T = 910 days (29 Months and 29 Days)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(672 × 3% × 910) ÷ 365 =


(672 × 3 × 910) ÷ (365 × 100) =


1,834,560 ÷ 36,500 ≈


50.261917808219 ≈


50.26

B = Amount earned:

B = P + I =


672 + 50.261917808219 =


722.261917808219 ≈


722.26

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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