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 = 76,003.00 units (Dollar, Euro, Pound, etc.)
r = Annual simple interest rate, r = 2.40%
t = Duration of the investment, in days
t = 5 months and 19 days
t =
+ 5 months × 30 days / month
+ 19 days
t = 169 days
Calculate the simple interest amount
[3] Substitute for the values
in the Simple Interest formula:
I =
(P × r × t) ÷ 360 =
(76,003.00 × 2.40% × 169) ÷ 360 =
76,003.00 × 2.40 ÷ 100 × 169 ÷ 360 =
(76,003.00 × 2.40 × 169) ÷ (360 × 100) =
30,826,816.8 ÷ 36,000 ≈
856.300466666667 ≈
856.30
[4] V = Amount earned before deducting the
Withdrawal Fee Amount:
V = P + I =
76,003.00 + 856.30 =
76,859.30
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 =
0.25% × 76,859.30 =
0.25/100 × 76,859.30 =
(0.25 × 76,859.30)/100 =
19,214.83/100 =
19,214.83 ÷ 100 =
192.1483 ≈
192.15
[7] Financial gain, Pr:
Pr = I - Fw
Pr, financial gain
I, simple interest amount
Fw, Withdrawal Fee Amount
Pr =
I - Fw =
856.30 - 192.15 =
664.15
Answer:
Principal (initial amount) = 76,003.00
Amount earned = 76,859.30
Simple interest amount = 856.30
Withdrawal Fee Amount = 192.15
Financial gain = 664.15