Calculate The Due Simple Flat Rate Interest Earned by a Principal of 662.00 (Dollar, Euro, Pound, ...), 3.00% Annual Interest Rate, for a Period With The Duration of 7 months and 23 days

Calculation method used. Calculation formula. Used notations


[1] Calculation method used: 30 / 360

Number of days in a month = 30


Number of days in a year = 360


[2] Simple interest, I
Calculation formula:

I =


(P × r × t) ÷ 360


I = Simple interest amount


360 = Number of days in a year


P = Principal (initial amount)
P = 662.00 units (Dollar, Euro, Pound, etc.)


r = Annual simple interest rate, r = 3.00%


t = Duration of the investment, in days
t = 7 months and 23 days

t =

+ 7 months × 30 days / month
+ 23 days

t = 233 days



>> Simple Interest: what is it, how is it calculated?


Calculate the simple interest amount

[3] Substitute for the values
in the Simple Interest formula:

I =


(P × r × t) ÷ 360 =


(662.00 × 3.00% × 233) ÷ 360 =


662.00 × 3.00 ÷ 100 × 233 ÷ 360 =


(662.00 × 3.00 × 233) ÷ (360 × 100) =


462,738.00 ÷ 36,000 ≈


12.853833333333 ≈


12.85


[4] V = Amount earned:

V = P + I =


662.00 + 12.85 =


674.85


[5] Project Breakdown. Monthly.

The simple interest is evenly distributed
along the months that make up the project

Month Days Interest Total
interest
Balance
0 0 -- -- 662.00
1 30 1.65 1.65 663.65
2 30 1.65 3.31 665.31
3 30 1.65 4.96 666.96
4 30 1.65 6.62 668.62
5 30 1.65 8.27 670.27
6 30 1.65 9.93 671.93
7 30 1.65 11.58 673.58
8 23 1.27 12.85 674.85
Month Days Interest Total
interest
Balance

Answer:

Principal (initial amount) = 662.00

Amount earned = 674.85

Simple interest amount = 12.85


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Simple Interest Amount = (Principal × Annual Simple Interest Rate × Duration in days) ÷ Number of days in a year

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