Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 8,000 units (Dollar, Euro, Pound, etc.), from date: Jan 21, 2019, to date: Feb 21, 2019, namely for a period of 31 days, with an annual simple flat interest rate of 5% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 8,000


Annual simple interest rate, R = 5%


From date: Jan 21, 2019


To date: Feb 21, 2019


Duration, T = 31 days


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(8,000 × 5% × 31) ÷ 365 =


(8,000 × 5 × 31) ÷ (365 × 100) =


1,240,000 ÷ 36,500 =


33.972602739726 ≈


33.97

B = Amount earned:

B = P + I =


8,000 + 33.972602739726 =


8,033.972602739726 ≈


8,033.97

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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