Calculate the due interest earned by a principal (initial amount of money lent, deposited or borrowed) of 958 units (Dollar, Euro, Pound, etc.), from date: Apr 10, 2017, to date: May 10, 2022, namely for a period of 1,856 days (61 Months), with an annual simple flat interest rate of 3% if the commission fee (withdrawal) is 0%.

Principal (initial amount), P = 958


Annual simple interest rate, R = 3%


From date: Apr 10, 2017


To date: May 10, 2022


Duration, T = 1,856 days (61 Months)


Commission fee (withdrawal), F = 0%


No. of days in a year, N = 365


I = Simple interest:

I = (P × R × T) ÷ N =


(958 × 3% × 1,856) ÷ 365 =


(958 × 3 × 1,856) ÷ (365 × 100) =


5,334,144 ÷ 36,500 ≈


146.140931506849 ≈


146.14

B = Amount earned:

B = P + I =


958 + 146.140931506849 =


1,104.140931506849 ≈


1,104.14

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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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