Calculate The Due Simple Flat Rate Interest Earned by a Principal of 858.00 (Dollar, Euro, Pound, ...), 3.00% Annual Interest Rate, for a Period With The Duration of 4 years, 4 months and 28 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 = 858.00 units (Dollar, Euro, Pound, etc.)


r = Annual simple interest rate, r = 3.00%


t = Duration of the investment, in days
t = 4 years, 4 months and 28 days

t =

+ 4 years × 360 days / year
+ 4 months × 30 days / month
+ 28 days

t = 1,588 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 =


(858.00 × 3.00% × 1,588) ÷ 360 =


858.00 × 3.00 ÷ 100 × 1,588 ÷ 360 =


(858.00 × 3.00 × 1,588) ÷ (360 × 100) =


4,087,512.00 ÷ 36,000 =


113.542 ≈


113.54


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

V = P + I =


858.00 + 113.54 =


971.54


[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 -- -- 858.00
1 30 2.14 2.14 860.14
2 30 2.14 4.29 862.29
3 30 2.14 6.43 864.43
4 30 2.14 8.58 866.58
5 30 2.14 10.72 868.72
6 30 2.14 12.87 870.87
7 30 2.14 15.01 873.01
8 30 2.14 17.16 875.16
9 30 2.14 19.30 877.30
10 30 2.14 21.45 879.45
11 30 2.14 23.59 881.59
12 30 2.14 25.74 883.74
13 30 2.14 27.88 885.88
14 30 2.14 30.03 888.03
15 30 2.14 32.17 890.17
16 30 2.14 34.32 892.32
17 30 2.14 36.46 894.46
18 30 2.14 38.61 896.61
19 30 2.14 40.75 898.75
20 30 2.14 42.90 900.90
21 30 2.14 45.04 903.04
22 30 2.14 47.19 905.19
23 30 2.14 49.33 907.33
24 30 2.14 51.48 909.48
25 30 2.14 53.62 911.62
26 30 2.14 55.77 913.77
27 30 2.14 57.91 915.91
28 30 2.14 60.06 918.06
29 30 2.14 62.20 920.20
30 30 2.14 64.35 922.35
31 30 2.14 66.49 924.49
32 30 2.14 68.64 926.64
33 30 2.14 70.78 928.78
34 30 2.14 72.93 930.93
35 30 2.14 75.07 933.07
36 30 2.14 77.22 935.22
37 30 2.14 79.36 937.36
38 30 2.14 81.51 939.51
39 30 2.14 83.65 941.65
40 30 2.14 85.80 943.80
41 30 2.14 87.94 945.94
42 30 2.14 90.09 948.09
43 30 2.14 92.23 950.23
44 30 2.14 94.38 952.38
45 30 2.14 96.52 954.52
46 30 2.14 98.67 956.67
47 30 2.14 100.81 958.81
48 30 2.14 102.96 960.96
49 30 2.14 105.10 963.10
50 30 2.14 107.25 965.25
51 30 2.14 109.39 967.39
52 30 2.14 111.54 969.54
53 28 2.00 113.54 971.54
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% × 971.54 =


3/100 × 971.54 =


(3 × 971.54)/100 =


2,914.62/100 =


2,914.62 ÷ 100 =


29.1462 ≈


29.15


[7] Financial gain, Pr:

Pr = I - Fw


Pr, financial gain

I, simple interest amount

Fw, Withdrawal Fee Amount


Pr =


I - Fw =


113.54 - 29.15 =


84.39

Answer:

Principal (initial amount) = 858.00

Amount earned = 971.54

Simple interest amount = 113.54


Withdrawal Fee Amount = 29.15

Financial gain = 84.39


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