Adam has signed up for the Full Stack Academy Program, which costs IDR 32,000,000 (Excluding Tax of 11%). The deposit fee is 10% of the total amount, excluding the Tax. The student has paid the Full Stack Academy Program fee to the school in full, excluding tax (IDR 32,000,000) through bank transfer on the day of the signing of the Academy Enrollment Agreement.
Adam decided to withdraw 1 day after signing the Academy Enrollment Agreement due to unforeseen circumstances and requested a refund. The following is an illustration of how we would calculate the total amount of the refund based on the schedule above:
- Step 1, calculate the school fee excluding Tax: IDR 32,000,000
- Step 2, calculate the deposit fee that is not refundable : IDR 32,000,000 x 10% deposit = IDR 3,200,000
- Step 3, calculate the amount of refund assuming the student has paid in full: IDR 32,000,000 – IDR 3,200,000 = IDR 28,800,000
Therefore, the total amount of refund the student is eligible to receive is IDR 28,800,000. The amount will be transferred to the student’s bank account within 30 working days from the date when the school receives the withdrawal request.