Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 7,000 units (Dollar, Euro, Pound, etc.), from date: May 15, 2018, to date: Aug 15, 2018, namely for a period of 92 days (3 Months), with an annual simple flat interest rate of 2% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 7,000


Annual simple interest rate, R = 2%


From date: May 15, 2018


To date: Aug 15, 2018


Duration, T = 92 days (3 Months)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(7,000 × 2% × 92) ÷ 365 =


(7,000 × 2 × 92) ÷ (365 × 100) =


1,288,000 ÷ 36,500 ≈


35.287671232877 ≈


35.29

B = Amount earned:

B = P + I =


7,000 + 35.287671232877 =


7,035.287671232877 ≈


7,035.29

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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