Simple (Flat Rate) Interest Calculator: Calculate the Sum of Money Earned by a Principal Amount of Money (Initial Starting Amount Lent, Deposited or Borrowed) of 7,792,118 Units (Dollar, Euro, Pound, etc.) for an Investment Duration Period of 87 Days (2 Months and 25 Days), With an Annual Simple Interest Rate of 1.5%.

Detailed simple (flat rate) interest calculations

Notations and variables used:

Simple (flat rate) interest amount, I

Principal (initial amount), P = 7,792,118

Annual simple interest rate, R = 1.5%

From date: Jul 5, 2018

To date: Sep 30, 2018

Duration, T = 87 days (2 Months and 25 Days)

Transaction fee rate, F% = 0%

Transaction fee amount, F

Number of days in a year, N = 365

Calculate the amount of the simple (flat rate) interest, I

The simple (flat rate) interest calculation formula:

I = (P × R × T) ÷ N ⇒


I = (P × R × T) ÷ N =

(7,792,118 × 1.5% × 87) ÷ 365 =

(7,792,118 × 1.5 × 87) ÷ (365 × 100) =

1,016,871,399 ÷ 36,500 ≈


27,859.490383561644 ≈

27,859.49

Calculate the amount earned after adding the simple (flat rate) interest to the principal, E

E = P + I =

7,792,118 + 27,859.490383561644 =

7,819,977.490383561644 ≈

7,819,977.49


Used symbols: % percent, ÷ divide, × multiply, = equal, ≈ approximately equal.

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

External link - See what would be the calculated compound interest: » Calculate the Future Investment Value and the Compound Interest earned by a principal of 7.792.118,00 (Dollar, Euro, Pound, ...), initial amount of money lent, deposited or borrowed, with a duration of 2 months and 25 days, 1,50% annual interest rate, compounded daily (360 times a year)

More operations, calculate the simple (flat rate) interest:

» Calculate the simple (flat rate) interest earned by a principal (initial amount of money lent, deposited or borrowed) of 7,090,829 units (Dollar, Euro, Pound, etc.) for a period of 87 days (2 Months and 25 Days), with an annual interest rate of 1.5%.

» Calculate the simple (flat rate) interest earned by a principal (initial amount of money lent, deposited or borrowed) of 8,493,407 units (Dollar, Euro, Pound, etc.) for a period of 87 days (2 Months and 25 Days), with an annual interest rate of 1.5%.

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

The latest calculated simple flat rate interest values

Calculate the simple (flat rate) interest earned by a principal (initial amount of money lent, deposited or borrowed) of 7,792,118 units (Dollar, Euro, Pound, etc.) for a period of 87 days (2 Months and 25 Days), with an annual simple flat interest rate of 1.5%. May 01 16:35 UTC (GMT)
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Calculate the simple (flat rate) interest earned by a principal (initial amount of money lent, deposited or borrowed) of 100 units (Dollar, Euro, Pound, etc.) for a period of 15,798 days (519 Months), with an annual simple flat interest rate of 1.3%. May 01 16:24 UTC (GMT)
Calculate the simple (flat rate) interest earned by a principal (initial amount of money lent, deposited or borrowed) of 1 units (Dollar, Euro, Pound, etc.) for a period of 565,364 days (18,575 Months), with an annual simple flat interest rate of 380%. May 01 16:23 UTC (GMT)
All the calculated simple flat rate interest values


Simple flat rate interest.

Interest

  • When someone lends money to someone else, the borrower usually pays a fee to the lender. So the due interest is a sum paid or charged for the use of money or for borrowing money. The interest depends on: 1) the period of the loan 2) the amount of money lent or borrowed (called principal) and 3) the interest rate (the percentage of the principal charged as interest).
  • For example, for some bank deposits is not uncommon to pay an interest rate of 3.5% on the principal, annualy. Banks are also using these temporarily owned amounts of money by introducing them back into the cash flow circuit or are granting loans (for investments, for example) on which they are again charging interest.

Annual simple flat interest rate

  • The simple annual interest rate, or the percentage of the principal charged as interest for a period of one year, shows us that for an amount of 100 units (ex: Dollar, Euro, Yen, Pound, Franc), in a year, the interest is calculated as a percentage p% of the principal: I = p% × 100 units.
  • A deposit of S units generates a one year simple interest of: I = S × p% units, and in n years, the same deposit of S units generates an interest of: I = S × p% × n units.

Annual simple flat rate interest formula:

  • I = S × p% × n

  • I = n years simple flat rate interest charged
  • S = initial amount (principal)
  • p% = annual simple flat interest rate (percentage of the principal charged as interest)
  • n = number of years of the lending or borrowing the money

Examples of how the simple flat rate interest formula works:

  • 1) What interest, I, generates in n = 5 years a principal of S = 20,000 units if the annual simple flat interest rate is p% = 3.5%?
    Answer:
    I = S × p% × n = 20,000 × 3.5% × 5 = 20,000 × 3.5 ÷ 100 × 5 = 1,000 × 3.5 = 3,500 units
  • 2) What is the simple flat interest rate, p%, if a principal of S = 12,000 units is charged a n = 6 years interest of I = 2,880 units?
    Answer:
    I = S × p% × n =>
    p% = I ÷ (S × n) = 2,880 ÷ (12,000 × 6) = 0.04 = 4%.

Annual simple flat rate interest formula calculated for a period of n years:

  • Interest, I = S × p% × n
  • Principal, S = I ÷ (p% × n)
  • Interest rate, p% = I ÷ (S × n)
  • Number of years (period): n = I ÷ (S × p%)

Annual simple flat rate interest formula calculated for a period of m months:

  • Interest, I = (S × p% × m) ÷ 12
  • Principal, S = (12 × I) ÷ (p% × m)
  • Interest rate, p% = (12 × I) ÷ (S × m)
  • Number of months of the period, m = (12 × I) ÷ (S × p%)

Annual simple flat rate interest formula calculated for a period of d days:

  • Interest, I = (S × p% × d) ÷ 365
  • Principal, S = (365 × I) ÷ (p% × d)
  • Simple flat interest rate, p% = (365 × I) ÷ (S × d)
  • Number of days of the period, d = (365 × I) ÷ (S × p%)

More examples of how the simple flat rate interest formula works:

  • 1) Calculate the due interest on a principal of S = 400 units in m = 5 months, with a simple flat interest rate of p% = 4%.
    Answer:
    I = (S × p% × m) ÷ 12 = (400 × 4% × 5) ÷ 12 = (400 × 4 ÷ 100 × 5) ÷ 12 = 16 × 5 ÷ 12 = 20 ÷ 3 = 6.67 units
  • 2) Calculate the due interest generated by a principal of S = 400 units in m = 5 months if the simple flat interest rate of p% = 4.5%.
    Answer:
    I = (S × p% × m) ÷ 12 = (400 × 4.5% × 5) ÷ 12 = (400 × 4.5 ÷ 100 × 5) ÷ 12 = 18 × 5 ÷ 12 = 15 ÷ 2 = 7.5 units.