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: Feb 7, 2016, to date: Mar 7, 2019, namely for a period of 1,124 days (37 Months), with an annual simple flat interest rate of 5% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 9,000


Annual simple interest rate, R = 5%


From date: Feb 7, 2016


To date: Mar 7, 2019


Duration, T = 1,124 days (37 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 × 5% × 1,124) ÷ 365 =


(9,000 × 5 × 1,124) ÷ (365 × 100) =


50,580,000 ÷ 36,500 ≈


1,385.753424657534 ≈


1,385.75

B = Amount earned:

B = P + I =


9,000 + 1,385.753424657534 =


10,385.753424657534 ≈


10,385.75

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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