Calculate The Due Simple Flat Rate Interest Earned by a Principal of 1,506.00 (Dollar, Euro, Pound, ...), 3.00% Annual Interest Rate, for a Period With The Duration of 1 year, 11 months and 26 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 = 1,506.00 units (Dollar, Euro, Pound, etc.)


r = Annual simple interest rate, r = 3.00%


t = Duration of the investment, in days
t = 1 year, 11 months and 26 days

t =

+ 1 year × 360 days / year
+ 11 months × 30 days / month
+ 26 days

t = 716 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 =


(1,506.00 × 3.00% × 716) ÷ 360 =


1,506.00 × 3.00 ÷ 100 × 716 ÷ 360 =


(1,506.00 × 3.00 × 716) ÷ (360 × 100) =


3,234,888.00 ÷ 36,000 =


89.858 ≈


89.86


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

V = P + I =


1,506.00 + 89.86 =


1,595.86


[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 -- -- 1,506.00
1 30 3.77 3.77 1,509.77
2 30 3.77 7.53 1,513.53
3 30 3.77 11.30 1,517.30
4 30 3.77 15.06 1,521.06
5 30 3.77 18.83 1,524.83
6 30 3.77 22.59 1,528.59
7 30 3.77 26.36 1,532.36
8 30 3.77 30.12 1,536.12
9 30 3.77 33.89 1,539.89
10 30 3.77 37.65 1,543.65
11 30 3.77 41.42 1,547.42
12 30 3.77 45.18 1,551.18
13 30 3.77 48.95 1,554.95
14 30 3.77 52.71 1,558.71
15 30 3.77 56.48 1,562.48
16 30 3.77 60.24 1,566.24
17 30 3.77 64.01 1,570.01
18 30 3.77 67.77 1,573.77
19 30 3.77 71.54 1,577.54
20 30 3.77 75.30 1,581.30
21 30 3.77 79.07 1,585.07
22 30 3.77 82.83 1,588.83
23 30 3.77 86.60 1,592.60
24 26 3.26 89.86 1,595.86
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% × 1,595.86 =


3/100 × 1,595.86 =


(3 × 1,595.86)/100 =


4,787.58/100 =


4,787.58 ÷ 100 =


47.8758 ≈


47.88


[7] Financial gain, Pr:

Pr = I - Fw


Pr, financial gain

I, simple interest amount

Fw, Withdrawal Fee Amount


Pr =


I - Fw =


89.86 - 47.88 =


41.98

Answer:

Principal (initial amount) = 1,506.00

Amount earned = 1,595.86

Simple interest amount = 89.86


Withdrawal Fee Amount = 47.88

Financial gain = 41.98


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