Calculate The Due Simple Flat Rate Interest Earned by a Principal of 10.20 (Dollar, Euro, Pound, ...), 0.70% Annual Interest Rate, for a Period With The Duration of 1 year and 6 months. 2.00% Withdrawal Fee

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 = 10.20 units (Dollar, Euro, Pound, etc.)

r = Annual simple interest rate, r = 0.70%

t = Duration of the investment, in days
t = 1 year and 6 months

t =

+ 1 year × 360 days / year
+ 6 months × 30 days / month

t = 540 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 =

(10.20 × 0.70% × 540) ÷ 360 =

10.20 × 0.70 ÷ 100 × 540 ÷ 360 =

(10.20 × 0.70 × 540) ÷ (360 × 100) =

3,855.6 ÷ 36,000 =

0.1071 ≈

0.11


[4] V = Amount earned before deducting the
Withdrawal Fee Amount:

V = P + I =

10.20 + 0.11 =

10.31


[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 -- -- 10.20
1 30 0.01 0.01 10.21
2 30 0.01 0.01 10.21
3 30 0.01 0.02 10.22
4 30 0.01 0.02 10.22
5 30 0.01 0.03 10.23
6 30 0.01 0.04 10.24
7 30 0.01 0.04 10.24
8 30 0.01 0.05 10.25
9 30 0.01 0.06 10.26
10 30 0.01 0.06 10.26
11 30 0.01 0.07 10.27
12 30 0.01 0.07 10.27
13 30 0.01 0.08 10.28
14 30 0.01 0.09 10.29
15 30 0.01 0.09 10.29
16 30 0.01 0.10 10.30
17 30 0.01 0.10 10.30
18 30 0.01 0.11 10.31
Month Days Interest Total
interest 		Balance

Withdrawal Fee Amount, Fw. Financial gain, Pr

[6] The amount charged for withdrawing the money

Fw = Fw% × V

Fw, Withdrawal Fee Amount

Fw%, Commission Fee % (on withdrawal), as a percentage

V, Amount earned, V = P + I


Fw =

Fw% × V =

2% × 10.31 =

2/100 × 10.31 =

(2 × 10.31)/100 =

20.62/100 =

20.62 ÷ 100 =

0.2062 ≈

0.21


[7] Financial gain, Pr:

Pr = I - Fw

Pr, financial gain

I, simple interest amount

Fw, Withdrawal Fee Amount


Pr =

I - Fw =

0.11 - 0.21 =

- 0.10

Answer:

Principal (initial amount) = 10.20

Amount earned = 10.31

Simple interest amount = 0.11

Withdrawal Fee Amount = 0.21

Financial gain = - 0.10


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