Calculate The Due Simple Flat Rate Interest Earned by a Principal of 1,113.00 (Dollar, Euro, Pound, ...), 3.00% Annual Interest Rate, for a Period With The Duration of 8 months and 11 days. 3.00% 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 = 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



>> 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 =


(1,113.00 × 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


[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 -- -- 1,113.00
1 30 2.78 2.78 1,115.78
2 30 2.78 5.56 1,118.56
3 30 2.78 8.35 1,121.35
4 30 2.78 11.13 1,124.13
5 30 2.78 13.91 1,126.91
6 30 2.78 16.69 1,129.69
7 30 2.78 19.48 1,132.48
8 30 2.78 22.26 1,135.26
9 11 1.02 23.28 1,136.28
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 =


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


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