Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 902,038.98 units (Dollar, Euro, Pound, etc.), from date: Aug 22, 2018, to date: Nov 28, 2018, namely for a period of 98 days (3 Months and 6 Days), with an annual simple flat interest rate of 2.58% if the commission fee (withdrawal or payment) is 0%.

Principal (initial amount), P = 902,038.98


Annual simple interest rate, R = 2.58%


From date: Aug 22, 2018


To date: Nov 28, 2018


Duration, T = 98 days (3 Months and 6 Days)


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


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(902,038.98 × 2.58% × 98) ÷ 365 =


(902,038.98 × 2.58 × 98) ÷ (365 × 100) =


228,071,535.7032 ÷ 36,500 ≈


6,248.535224745205 ≈


6,248.54

B = Amount earned:

B = P + I =


902,038.98 + 6,248.535224745205 =


908,287.515224745205 ≈


908,287.52

Signs: % percent, ÷ divide, × multiply, = equal, ≈ 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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