Calculate The Due Simple Flat Rate Interest Earned by a Principal of 1,000.00 (Dollar, Euro, Pound, ...), 9.00% Annual Interest Rate, for a Period With The Duration of 5 years, 1 month and 18 days. 0.20% 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 = 1,000.00 units (Dollar, Euro, Pound, etc.)

r = Annual simple interest rate, r = 9.00%

t = Duration of the investment, in days
t = 5 years, 1 month and 18 days

t =

+ 5 years × 360 days / year
+ 1 month × 30 days / month
+ 18 days

t = 1,848 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 =

(1,000.00 × 9.00% × 1,848) ÷ 360 =

1,000.00 × 9.00 ÷ 100 × 1,848 ÷ 360 =

(1,000.00 × 9.00 × 1,848) ÷ (360 × 100) =

16,632,000.00 ÷ 36,000 =

462.00


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

V = P + I =

1,000.00 + 462.00 =

1,462.00


[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 -- -- 1,000.00
1 30 7.50 7.50 1,007.50
2 30 7.50 15.00 1,015.00
3 30 7.50 22.50 1,022.50
4 30 7.50 30.00 1,030.00
5 30 7.50 37.50 1,037.50
6 30 7.50 45.00 1,045.00
7 30 7.50 52.50 1,052.50
8 30 7.50 60.00 1,060.00
9 30 7.50 67.50 1,067.50
10 30 7.50 75.00 1,075.00
11 30 7.50 82.50 1,082.50
12 30 7.50 90.00 1,090.00
13 30 7.50 97.50 1,097.50
14 30 7.50 105.00 1,105.00
15 30 7.50 112.50 1,112.50
16 30 7.50 120.00 1,120.00
17 30 7.50 127.50 1,127.50
18 30 7.50 135.00 1,135.00
19 30 7.50 142.50 1,142.50
20 30 7.50 150.00 1,150.00
21 30 7.50 157.50 1,157.50
22 30 7.50 165.00 1,165.00
23 30 7.50 172.50 1,172.50
24 30 7.50 180.00 1,180.00
25 30 7.50 187.50 1,187.50
26 30 7.50 195.00 1,195.00
27 30 7.50 202.50 1,202.50
28 30 7.50 210.00 1,210.00
29 30 7.50 217.50 1,217.50
30 30 7.50 225.00 1,225.00
31 30 7.50 232.50 1,232.50
32 30 7.50 240.00 1,240.00
33 30 7.50 247.50 1,247.50
34 30 7.50 255.00 1,255.00
35 30 7.50 262.50 1,262.50
36 30 7.50 270.00 1,270.00
37 30 7.50 277.50 1,277.50
38 30 7.50 285.00 1,285.00
39 30 7.50 292.50 1,292.50
40 30 7.50 300.00 1,300.00
41 30 7.50 307.50 1,307.50
42 30 7.50 315.00 1,315.00
43 30 7.50 322.50 1,322.50
44 30 7.50 330.00 1,330.00
45 30 7.50 337.50 1,337.50
46 30 7.50 345.00 1,345.00
47 30 7.50 352.50 1,352.50
48 30 7.50 360.00 1,360.00
49 30 7.50 367.50 1,367.50
50 30 7.50 375.00 1,375.00
51 30 7.50 382.50 1,382.50
52 30 7.50 390.00 1,390.00
53 30 7.50 397.50 1,397.50
54 30 7.50 405.00 1,405.00
55 30 7.50 412.50 1,412.50
56 30 7.50 420.00 1,420.00
57 30 7.50 427.50 1,427.50
58 30 7.50 435.00 1,435.00
59 30 7.50 442.50 1,442.50
60 30 7.50 450.00 1,450.00
61 30 7.50 457.50 1,457.50
62 18 4.50 462.00 1,462.00
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 =

0.2% × 1,462.00 =

0.2/100 × 1,462.00 =

(0.2 × 1,462.00)/100 =

292.4/100 =

292.4 ÷ 100 =

2.924 ≈

2.92


[7] Financial gain, Pr:

Pr = I - Fw

Pr, financial gain

I, simple interest amount

Fw, Withdrawal Fee Amount


Pr =

I - Fw =

462.00 - 2.92 =

459.08

Answer:

Principal (initial amount) = 1,000.00

Amount earned = 1,462.00

Simple interest amount = 462.00

Withdrawal Fee Amount = 2.92

Financial gain = 459.08


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