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 = 1,113.00 units (Dollar, Euro, Pound, etc.)
r = Annual simple interest rate, r = 3.00%
t = Duration of the investment, in days
t = 8 months and 11 days
t =
+ 8 months × 30 days / month
+ 11 days
t = 251 days
Calculate the simple interest amount
[3] Substitute for the values
in the Simple Interest formula:
I =
(P × r × t) ÷ 360 =
(1,113.00 × 3.00% × 251) ÷ 360 =
1,113.00 × 3.00 ÷ 100 × 251 ÷ 360 =
(1,113.00 × 3.00 × 251) ÷ (360 × 100) =
838,089.00 ÷ 36,000 =
23.28025 ≈
23.28
[4] V = Amount earned before deducting the
Withdrawal Fee Amount:
V = P + I =
1,113.00 + 23.28 =
1,136.28
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 =
3% × 1,136.28 =
3/100 × 1,136.28 =
(3 × 1,136.28)/100 =
3,408.84/100 =
3,408.84 ÷ 100 =
34.0884 ≈
34.09
[7] Financial gain, Pr:
Pr = I - Fw
Pr, financial gain
I, simple interest amount
Fw, Withdrawal Fee Amount
Pr =
I - Fw =
23.28 - 34.09 =
- 10.81
Answer:
Principal (initial amount) = 1,113.00
Amount earned = 1,136.28
Simple interest amount = 23.28
Withdrawal Fee Amount = 34.09
Financial gain = - 10.81