Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 67,291.1 units (Dollar, Euro, Pound, etc.), from date: Jul 4, 2018, to date: Jul 31, 2018, namely for a period of 27 days, with an annual simple flat interest rate of 7% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 67,291.1


Annual simple interest rate, R = 7%


From date: Jul 4, 2018


To date: Jul 31, 2018


Duration, T = 27 days


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(67,291.1 × 7% × 27) ÷ 365 =


(67,291.1 × 7 × 27) ÷ (365 × 100) =


12,718,017.9 ÷ 36,500 ≈


348.438846575342 ≈


348.44

B = Amount earned:

B = P + I =


67,291.1 + 348.438846575342 =


67,639.538846575342 ≈


67,639.54

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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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