Calculate The Due Simple Flat Rate Interest Earned by a Principal of 896.00 (Dollar, Euro, Pound, ...), 3.00% Annual Interest Rate, for a Period With The Duration of 4 years, 4 months and 14 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 = 896.00 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 14 days

t =

+ 4 years × 360 days / year
+ 4 months × 30 days / month
+ 14 days

t = 1,574 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 =


(896.00 × 3.00% × 1,574) ÷ 360 =


896.00 × 3.00 ÷ 100 × 1,574 ÷ 360 =


(896.00 × 3.00 × 1,574) ÷ (360 × 100) =


4,230,912.00 ÷ 36,000 ≈


117.525333333333 ≈


117.53


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

V = P + I =


896.00 + 117.53 =


1,013.53


[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 -- -- 896.00
1 30 2.24 2.24 898.24
2 30 2.24 4.48 900.48
3 30 2.24 6.72 902.72
4 30 2.24 8.96 904.96
5 30 2.24 11.20 907.20
6 30 2.24 13.44 909.44
7 30 2.24 15.68 911.68
8 30 2.24 17.92 913.92
9 30 2.24 20.16 916.16
10 30 2.24 22.40 918.40
11 30 2.24 24.64 920.64
12 30 2.24 26.88 922.88
13 30 2.24 29.12 925.12
14 30 2.24 31.36 927.36
15 30 2.24 33.60 929.60
16 30 2.24 35.84 931.84
17 30 2.24 38.08 934.08
18 30 2.24 40.32 936.32
19 30 2.24 42.56 938.56
20 30 2.24 44.80 940.80
21 30 2.24 47.04 943.04
22 30 2.24 49.28 945.28
23 30 2.24 51.52 947.52
24 30 2.24 53.76 949.76
25 30 2.24 56.00 952.00
26 30 2.24 58.24 954.24
27 30 2.24 60.48 956.48
28 30 2.24 62.72 958.72
29 30 2.24 64.96 960.96
30 30 2.24 67.20 963.20
31 30 2.24 69.44 965.44
32 30 2.24 71.68 967.68
33 30 2.24 73.92 969.92
34 30 2.24 76.16 972.16
35 30 2.24 78.40 974.40
36 30 2.24 80.64 976.64
37 30 2.24 82.88 978.88
38 30 2.24 85.12 981.12
39 30 2.24 87.36 983.36
40 30 2.24 89.60 985.60
41 30 2.24 91.84 987.84
42 30 2.24 94.08 990.08
43 30 2.24 96.32 992.32
44 30 2.24 98.56 994.56
45 30 2.24 100.80 996.80
46 30 2.24 103.04 999.04
47 30 2.24 105.28 1,001.28
48 30 2.24 107.52 1,003.52
49 30 2.24 109.76 1,005.76
50 30 2.24 112.00 1,008.00
51 30 2.24 114.24 1,010.24
52 30 2.24 116.48 1,012.48
53 14 1.05 117.53 1,013.53
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% × 1,013.53 =


3/100 × 1,013.53 =


(3 × 1,013.53)/100 =


3,040.59/100 =


3,040.59 ÷ 100 =


30.4059 ≈


30.41


[7] Financial gain, Pr:

Pr = I - Fw


Pr, financial gain

I, simple interest amount

Fw, Withdrawal Fee Amount


Pr =


I - Fw =


117.53 - 30.41 =


87.12

Answer:

Principal (initial amount) = 896.00

Amount earned = 1,013.53

Simple interest amount = 117.53


Withdrawal Fee Amount = 30.41

Financial gain = 87.12


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