Calculate The Due Simple Flat Rate Interest Earned by a Principal of 91.00 (Dollar, Euro, Pound, ...), 6.00% Annual Interest Rate, for a Period With The Duration of 2 years, 6 months and 25 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 = 91.00 units (Dollar, Euro, Pound, etc.)


r = Annual simple interest rate, r = 6.00%


t = Duration of the investment, in days
t = 2 years, 6 months and 25 days

t =

+ 2 years × 360 days / year
+ 6 months × 30 days / month
+ 25 days

t = 925 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 =


(91.00 × 6.00% × 925) ÷ 360 =


91.00 × 6.00 ÷ 100 × 925 ÷ 360 =


(91.00 × 6.00 × 925) ÷ (360 × 100) =


505,050.00 ÷ 36,000 ≈


14.029166666667 ≈


14.03


[4] V = Amount earned:

V = P + I =


91.00 + 14.03 =


105.03


[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 -- -- 91.00
1 30 0.46 0.46 91.46
2 30 0.46 0.91 91.91
3 30 0.46 1.37 92.37
4 30 0.46 1.82 92.82
5 30 0.46 2.28 93.28
6 30 0.46 2.73 93.73
7 30 0.46 3.19 94.19
8 30 0.46 3.64 94.64
9 30 0.46 4.10 95.10
10 30 0.46 4.55 95.55
11 30 0.46 5.01 96.01
12 30 0.46 5.46 96.46
13 30 0.46 5.92 96.92
14 30 0.46 6.37 97.37
15 30 0.46 6.83 97.83
16 30 0.46 7.28 98.28
17 30 0.46 7.74 98.74
18 30 0.46 8.19 99.19
19 30 0.46 8.65 99.65
20 30 0.46 9.10 100.10
21 30 0.46 9.56 100.56
22 30 0.46 10.01 101.01
23 30 0.46 10.47 101.47
24 30 0.46 10.92 101.92
25 30 0.46 11.38 102.38
26 30 0.46 11.83 102.83
27 30 0.46 12.29 103.29
28 30 0.46 12.74 103.74
29 30 0.46 13.20 104.20
30 30 0.46 13.65 104.65
31 25 0.38 14.03 105.03
Month Days Interest Total
interest
Balance

Answer:

Principal (initial amount) = 91.00

Amount earned = 105.03

Simple interest amount = 14.03


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