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 = 13,488.00 units (Dollar, Euro, Pound, etc.)
r = Annual simple interest rate, r = 2.45%
t = Duration of the investment, in days
t = 6 months and 1 day
t =
+ 6 months × 30 days / month
+ 1 day
t = 181 days
Calculate the simple interest amount
[3] Substitute for the values
in the Simple Interest formula:
I =
(P × r × t) ÷ 360 =
(13,488.00 × 2.45% × 181) ÷ 360 =
13,488.00 × 2.45 ÷ 100 × 181 ÷ 360 =
(13,488.00 × 2.45 × 181) ÷ (360 × 100) =
5,981,253.6 ÷ 36,000 ≈
166.145933333333 ≈
166.15
[4] V = Amount earned:
V = P + I =
13,488.00 + 166.15 =
13,654.15