Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 9,000 units (Dollar, Euro, Pound, etc.), from date: Jan 27, 2018, to date: May 27, 2018, namely for a period of 120 days (4 Months), with an annual simple flat interest rate of 1.5% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 9,000


Annual simple interest rate, R = 1.5%


From date: Jan 27, 2018


To date: May 27, 2018


Duration, T = 120 days (4 Months)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(9,000 × 1.5% × 120) ÷ 365 =


(9,000 × 1.5 × 120) ÷ (365 × 100) =


1,620,000 ÷ 36,500 ≈


44.383561643836 ≈


44.38

B = Amount earned:

B = P + I =


9,000 + 44.383561643836 =


9,044.383561643836 ≈


9,044.38

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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