Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 702 units (Dollar, Euro, Pound, etc.), from date: Nov 22, 2016, to date: Dec 22, 2016, namely for a period of 30 days, with an annual simple flat interest rate of 3% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 702


Annual simple interest rate, R = 3%


From date: Nov 22, 2016


To date: Dec 22, 2016


Duration, T = 30 days


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(702 × 3% × 30) ÷ 365 =


(702 × 3 × 30) ÷ (365 × 100) =


63,180 ÷ 36,500 ≈


1.73095890411 ≈


1.73

B = Amount earned:

B = P + I =


702 + 1.73095890411 =


703.73095890411 ≈


703.73

Signs: % percent, ÷ divide, × multiply, ≈ approximately equal;

Writing numbers: comma ',' as thousands separator; point '.' as a decimal mark;

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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