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
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
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