Calculate The Due Simple Flat Rate Interest Earned by a Principal of 2,384.00 (Dollar, Euro, Pound, ...), 2.20% Annual Interest Rate, for a Period With The Duration of 1 year, 1 month and 14 days. 1.00% 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 = 2,384.00 units (Dollar, Euro, Pound, etc.)

r = Annual simple interest rate, r = 2.20%

t = Duration of the investment, in days
t = 1 year, 1 month and 14 days

t =

+ 1 year × 360 days / year
+ 1 month × 30 days / month
+ 14 days

t = 404 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 =

(2,384.00 × 2.20% × 404) ÷ 360 =

2,384.00 × 2.20 ÷ 100 × 404 ÷ 360 =

(2,384.00 × 2.20 × 404) ÷ (360 × 100) =

2,118,899.2 ÷ 36,000 ≈

58.858311111111 ≈

58.86

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

V = P + I =

2,384.00 + 58.86 =

2,442.86

[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	--	--	2,384.00
1	30	4.37	4.37	2,388.37
2	30	4.37	8.74	2,392.74
3	30	4.37	13.11	2,397.11
4	30	4.37	17.48	2,401.48
5	30	4.37	21.85	2,405.85
6	30	4.37	26.22	2,410.22
7	30	4.37	30.60	2,414.60
8	30	4.37	34.97	2,418.97
9	30	4.37	39.34	2,423.34
10	30	4.37	43.71	2,427.71
11	30	4.37	48.08	2,432.08
12	30	4.37	52.45	2,436.45
13	30	4.37	56.82	2,440.82
14	14	2.04	58.86	2,442.86
Month	Days	Interest	Total interest	Balance

Withdrawal Fee Amount, F_w. Financial gain, Pr

[6] The amount charged for withdrawing the money

F_w = F_w% × V

F_w, Withdrawal Fee Amount

F_w%, Commission Fee % (on withdrawal), as a percentage

V, Amount earned, V = P + I

F_w =

F_w% × V =

1% × 2,442.86 =

¹/₁₀₀ × 2,442.86 =

^{(1 × 2,442.86)}/₁₀₀ =

^2,442.86/₁₀₀ =

2,442.86 ÷ 100 =

24.4286 ≈

24.43

[7] Financial gain, Pr:

Pr = I - F_w

Pr, financial gain

I, simple interest amount

F_w, Withdrawal Fee Amount

Pr =

I - F_w =

58.86 - 24.43 =

34.43

Answer:

Principal (initial amount) = 2,384.00

Amount earned = 2,442.86

Simple interest amount = 58.86

Withdrawal Fee Amount = 24.43

Financial gain = 34.43

More calculations on Simple (Flat Rate) Interest:

» Calculate the Simple Interest Amount and the Amount Earned. Principal (Initial Amount): 2,292.00 Annual Interest Rate: 2.20% Duration: 3 years 10 months and 23 days Transaction Fee Rate: 1%

» Calculate the simple interest amount and Amount earned. Principal (initial amount): 2,476.00 Annual Interest Rate: 2.20% Duration: 3 years 10 months and 23 days Transaction Fee Rate: 1%

Calculate simple flat rate interest on a principal borrowed, lent

Simple Interest Amount = (Principal × Annual Simple Interest Rate × Duration in days) ÷ Number of days in a year

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All the Calculations on Simple Interest and Earned Amounts

Simple flat rate interest.

Interest

When someone lends money to someone else, the borrower usually pays a fee to the lender. So the due interest is an amount of money paid or charged for the use of money or for borrowing money. The interest depends on:
1) the period length of the loan
2) the amount of money lent or borrowed (called principal)
3) the interest rate (the percentage of the principal charged as interest).
For example, for some bank deposits is not uncommon to pay an interest rate of 3.5% on the principal, annualy. That means that at the end of a one-year period the bank will repay not only the amount that was initially deposited, but also an additional amount, equal to the value resulting from the calculation: 3.5% × P, where P is the initial amount deposited, the principal.
Banks are also using these temporarily owned amounts of money by introducing them back into the cash flow circuit or are granting loans (for investments, for example) on which they are again charging interest.

The annual simple flat interest rate

The simple annual interest rate is simply the percentage of the principal charged as an interest for a period of one year, charged at the end of the period. An interest rate of r% tells us that for an amount of 100 (Dollar, Euro, Pound, Franc, Yen, ...), in one year, an amount of (r% out of 100) is earned as interest: I = r% × 100 units.
1. A deposit of an amount of money units P generates a one year simple interest of:
I = r% × P.
2. If the period for which the interest is calculated is two years, the interest accrued on a deposit of P money units is:
I = r% × P + r% × P = 2 × r% × P.
n. If the period for which the interest is calculated is n years, the interest accrued on a deposit of P money units is:
I = r% × P + r% × P + ... + r% × P = n × r% × P.
You can see that the amount accrued as interest, called simple interest, is added to the initial amount which earns interest, the amount borrowed or deposited, only at the end of the period of the deposit.
Simple interest is not an interest that earns interest on interest, as is the compound interest

>> Full article: simple interest

Calculate The Due Simple Flat Rate Interest Earned by a Principal of 2,384.00 (Dollar, Euro, Pound, ...), 2.20% Annual Interest Rate, for a Period With The Duration of 1 year, 1 month and 14 days. 1.00% 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 = 2,384.00 units (Dollar, Euro, Pound, etc.)

r = Annual simple interest rate, r = 2.20%

t = Duration of the investment, in days t = 1 year, 1 month and 14 days

t = + 1 year × 360 days / year + 1 month × 30 days / month + 14 days t = 404 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 =

(2,384.00 × 2.20% × 404) ÷ 360 =

2,384.00 × 2.20 ÷ 100 × 404 ÷ 360 =

(2,384.00 × 2.20 × 404) ÷ (360 × 100) =

2,118,899.2 ÷ 36,000 ≈

58.858311111111 ≈

58.86

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

V = P + I =

2,384.00 + 58.86 =

2,442.86

[5] Project Breakdown. Monthly.

The simple interest is evenly distributed along the months that make up the project

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% × 2,442.86 =

1/100 × 2,442.86 =

(1 × 2,442.86)/100 =

2,442.86/100 =

2,442.86 ÷ 100 =

24.4286 ≈

24.43

[7] Financial gain, Pr:

Pr = I - Fw

Pr, financial gain

I, simple interest amount

Fw, Withdrawal Fee Amount

Pr =

I - Fw =

58.86 - 24.43 =

34.43

Answer:

Principal (initial amount) = 2,384.00

Amount earned = 2,442.86

Simple interest amount = 58.86

Withdrawal Fee Amount = 24.43

Financial gain = 34.43

More calculations on Simple (Flat Rate) Interest:

» Calculate the Simple Interest Amount and the Amount Earned. Principal (Initial Amount): 2,292.00 Annual Interest Rate: 2.20% Duration: 3 years 10 months and 23 days Transaction Fee Rate: 1%

» Calculate the simple interest amount and Amount earned. Principal (initial amount): 2,476.00 Annual Interest Rate: 2.20% Duration: 3 years 10 months and 23 days Transaction Fee Rate: 1%

Calculate simple flat rate interest on a principal borrowed, lent

Simple Interest Amount = (Principal × Annual Simple Interest Rate × Duration in days) ÷ Number of days in a year

The Latest Calculations on Simple Interest and Earned Amounts

Simple flat rate interest.

Interest

The annual simple flat interest rate

>> Full article: simple interest

[2] Simple interest, I
Calculation formula:

P = Principal (initial amount)
P = 2,384.00 units (Dollar, Euro, Pound, etc.)

t = Duration of the investment, in days
t = 1 year, 1 month and 14 days

t =

+ 1 year × 360 days / year
+ 1 month × 30 days / month
+ 14 days

t = 404 days

[3] Substitute for the values
in the Simple Interest formula:

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

The simple interest is evenly distributed
along the months that make up the project

Withdrawal Fee Amount, F_w. Financial gain, Pr

F_w = F_w% × V

F_w, Withdrawal Fee Amount

F_w%, Commission Fee % (on withdrawal), as a percentage

F_w =

F_w% × V =

¹/₁₀₀ × 2,442.86 =

^{(1 × 2,442.86)}/₁₀₀ =

^2,442.86/₁₀₀ =

Pr = I - F_w

F_w, Withdrawal Fee Amount

I - F_w =