Calculate The Due Simple Flat Rate Interest Earned by a Principal of 7,145.00 (Dollar, Euro, Pound, ...), 2.45% Annual Interest Rate, for a Period With The Duration of 2 years, 7 months and 29 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 = 7,145.00 units (Dollar, Euro, Pound, etc.)


r = Annual simple interest rate, r = 2.45%


t = Duration of the investment, in days
t = 2 years, 7 months and 29 days

t =

+ 2 years × 360 days / year
+ 7 months × 30 days / month
+ 29 days

t = 959 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 =


(7,145.00 × 2.45% × 959) ÷ 360 =


7,145.00 × 2.45 ÷ 100 × 959 ÷ 360 =


(7,145.00 × 2.45 × 959) ÷ (360 × 100) =


16,787,534.75 ÷ 36,000 ≈


466.320409722222 ≈


466.32


[4] V = Amount earned:

V = P + I =


7,145.00 + 466.32 =


7,611.32


[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 -- -- 7,145.00
1 30 14.59 14.59 7,159.59
2 30 14.59 29.18 7,174.18
3 30 14.59 43.76 7,188.76
4 30 14.59 58.35 7,203.35
5 30 14.59 72.94 7,217.94
6 30 14.59 87.53 7,232.53
7 30 14.59 102.11 7,247.11
8 30 14.59 116.70 7,261.70
9 30 14.59 131.29 7,276.29
10 30 14.59 145.88 7,290.88
11 30 14.59 160.46 7,305.46
12 30 14.59 175.05 7,320.05
13 30 14.59 189.64 7,334.64
14 30 14.59 204.23 7,349.23
15 30 14.59 218.82 7,363.82
16 30 14.59 233.40 7,378.40
17 30 14.59 247.99 7,392.99
18 30 14.59 262.58 7,407.58
19 30 14.59 277.17 7,422.17
20 30 14.59 291.75 7,436.75
21 30 14.59 306.34 7,451.34
22 30 14.59 320.93 7,465.93
23 30 14.59 335.52 7,480.52
24 30 14.59 350.10 7,495.10
25 30 14.59 364.69 7,509.69
26 30 14.59 379.28 7,524.28
27 30 14.59 393.87 7,538.87
28 30 14.59 408.46 7,553.46
29 30 14.59 423.04 7,568.04
30 30 14.59 437.63 7,582.63
31 30 14.59 452.22 7,597.22
32 29 14.10 466.32 7,611.32
Month Days Interest Total
interest
Balance

Answer:

Principal (initial amount) = 7,145.00

Amount earned = 7,611.32

Simple interest amount = 466.32


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