Calculate The Due Simple Flat Rate Interest Earned by a Principal of 757.00 (Dollar, Euro, Pound, ...), 3.00% Annual Interest Rate, for a Period With The Duration of 5 years, 1 month and 22 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 = 757.00 units (Dollar, Euro, Pound, etc.)

r = Annual simple interest rate, r = 3.00%

t = Duration of the investment, in days
t = 5 years, 1 month and 22 days

t =

+ 5 years × 360 days / year
+ 1 month × 30 days / month
+ 22 days

t = 1,852 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 =

(757.00 × 3.00% × 1,852) ÷ 360 =

757.00 × 3.00 ÷ 100 × 1,852 ÷ 360 =

(757.00 × 3.00 × 1,852) ÷ (360 × 100) =

4,205,892.00 ÷ 36,000 ≈

116.830333333333 ≈

116.83


[4] V = Amount earned:

V = P + I =

757.00 + 116.83 =

873.83


[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 -- -- 757.00
1 30 1.89 1.89 758.89
2 30 1.89 3.78 760.78
3 30 1.89 5.68 762.68
4 30 1.89 7.57 764.57
5 30 1.89 9.46 766.46
6 30 1.89 11.35 768.35
7 30 1.89 13.25 770.25
8 30 1.89 15.14 772.14
9 30 1.89 17.03 774.03
10 30 1.89 18.92 775.92
11 30 1.89 20.82 777.82
12 30 1.89 22.71 779.71
13 30 1.89 24.60 781.60
14 30 1.89 26.49 783.49
15 30 1.89 28.39 785.39
16 30 1.89 30.28 787.28
17 30 1.89 32.17 789.17
18 30 1.89 34.06 791.06
19 30 1.89 35.96 792.96
20 30 1.89 37.85 794.85
21 30 1.89 39.74 796.74
22 30 1.89 41.63 798.63
23 30 1.89 43.53 800.53
24 30 1.89 45.42 802.42
25 30 1.89 47.31 804.31
26 30 1.89 49.20 806.20
27 30 1.89 51.10 808.10
28 30 1.89 52.99 809.99
29 30 1.89 54.88 811.88
30 30 1.89 56.77 813.77
31 30 1.89 58.67 815.67
32 30 1.89 60.56 817.56
33 30 1.89 62.45 819.45
34 30 1.89 64.34 821.34
35 30 1.89 66.24 823.24
36 30 1.89 68.13 825.13
37 30 1.89 70.02 827.02
38 30 1.89 71.91 828.91
39 30 1.89 73.81 830.81
40 30 1.89 75.70 832.70
41 30 1.89 77.59 834.59
42 30 1.89 79.48 836.48
43 30 1.89 81.38 838.38
44 30 1.89 83.27 840.27
45 30 1.89 85.16 842.16
46 30 1.89 87.05 844.05
47 30 1.89 88.95 845.95
48 30 1.89 90.84 847.84
49 30 1.89 92.73 849.73
50 30 1.89 94.62 851.62
51 30 1.89 96.52 853.52
52 30 1.89 98.41 855.41
53 30 1.89 100.30 857.30
54 30 1.89 102.19 859.19
55 30 1.89 104.09 861.09
56 30 1.89 105.98 862.98
57 30 1.89 107.87 864.87
58 30 1.89 109.76 866.76
59 30 1.89 111.66 868.66
60 30 1.89 113.55 870.55
61 30 1.89 115.44 872.44
62 22 1.39 116.83 873.83
Month Days Interest Total
interest 		Balance

Answer:

Principal (initial amount) = 757.00

Amount earned = 873.83

Simple interest amount = 116.83


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