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 = 211,371.00 units (Dollar, Euro, Pound, etc.)
r = Annual simple interest rate, r = 8.00%
t = Duration of the investment, in days
t = 6 months
t =
+ 6 months × 30 days / month
t = 180 days
Calculate the simple interest amount
[3] Substitute for the values
in the Simple Interest formula:
I =
(P × r × t) ÷ 360 =
(211,371.00 × 8.00% × 180) ÷ 360 =
211,371.00 × 8.00 ÷ 100 × 180 ÷ 360 =
(211,371.00 × 8.00 × 180) ÷ (360 × 100) =
304,374,240.00 ÷ 36,000 =
8,454.84
[4] V = Amount earned before deducting the
Withdrawal Fee Amount:
V = P + I =
211,371.00 + 8,454.84 =
219,825.84
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 =
1% × 219,825.84 =
1/100 × 219,825.84 =
(1 × 219,825.84)/100 =
219,825.84/100 =
219,825.84 ÷ 100 =
2,198.2584 ≈
2,198.26
[7] Financial gain, Pr:
Pr = I - Fw
Pr, financial gain
I, simple interest amount
Fw, Withdrawal Fee Amount
Pr =
I - Fw =
8,454.84 - 2,198.26 =
6,256.58
Answer:
Principal (initial amount) = 211,371.00
Amount earned = 219,825.84
Simple interest amount = 8,454.84
Withdrawal Fee Amount = 2,198.26
Financial gain = 6,256.58