[Ethereum] How are Ethereum transaction costs calculated

etherfeesgastransactions

I'm in the process of learning blockchain technology for a client of mine. I understand the concept of "gas" in computational costs. We are looking at creating a crypto-currency as an alternative to using a traditional payment platform for a closed loop solution. I want to get a feel for the "transaction cost" associated with a simple payment transaction using the ethereum network.
I find the calculation method not totally clear. Can anyone help?

Best Answer

The calculation is gas*gascost, so a simple transaction will cost 21,000 gas * 20 GWei/gas = .00042 ETH